Baltimore-based investment firm T. Rowe Price has expanded its presence in Australia by opening a new office in Melbourne.

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The new office will enhance working relationships with new and existing clients in the Melbourne institutional market.

Additionally, T. Rowe Price has hired Heath Branigan as new business development manager to service Victorian, Tasmanian and West Australian clients.

Branigan will move to Melbourne from Sydney to assume his new role.

Jonathan Ross will be replacing Branigan in his previous role as business development manager responsible for managing New South Wales and Queensland advisor-directed markets from Sydney.

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The move follows the hire of David Frazer last year as institutional relationship manager, in charge for driving T. Rowe Price’s institutional business.