T. Rowe Price Group has appointed Andrew McCormick as its new head of fixed income, replacing Ted Wiese who will step down from the position at the end of this year.

Wiese joined T. Rowe Price in 1984 and will officially retire from the firm on 1 May 2019.

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McCormick joined the firm in 2008 and currently serves as the head of the US taxable bond team, portfolio manager of the US GNMA Bond Strategy, and co-portfolio manager of the Total Return Bond Strategy.

He will take up the new role on 1 January 2019, reporting to the firm’s head of investments Robert Sharps.

McCormick will also have a seat on the firm’s management committee and will chair its fixed income steering committee.

“Andy joined the firm in 2008 and is a strong leader with 35 years of investment experience. He has a proven track record of success and has been influential in the growth of the firm’s overall fixed income business,” Sharps stated.

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Meanwhile, Christopher Brown will be promoted from co-portfolio manager of the Total Return Bond Strategy to portfolio manager of the strategy, while Keir Joyce will be promoted from associate portfolio manager of the US GNMA Bond Strategy to the strategy’s portfolio manager. These changes will be effective from 1 January 2019.

T. Rowe Price president and CEO William Stromberg said: “We are grateful for Ted’s leadership of the Fixed Income Division as we’ve continued to build out our global fixed income capabilities. His collaborative style, and the integral role he played in a variety of US and international investment-grade bond and money market funds, has served our clients well.”