Pioneering stockpicker Chuck Royce steps back after five-decade career

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Financial Times 10h ago

Pioneering stockpicker Chuck Royce steps back after five-decade career - Financial Times

Quick Summary:

Royce’s co-chief investment officer, Francis Gannon, is optimistic that the company’s new guard of portfolio managers will help the firm adapt and prosper while sticking to the style that Royce pioneered.

Royce started in finance as an equities analyst in the 1960s, and his stockpicking tenure dates to 1972, when he took over management of the Pennsylvania mutual fund, since renamed the Royce Small-Cap fund.

Looking back over his career, Royce called ETFs the biggest change in asset management he had seen, given their “tremendous advantage” in terms of tax treatment for investors over traditional mutual funds.