May 10 (Bloomberg) -- T. Rowe Price lost its second fund manager in three months today when Joseph M. Milano, manager of the $4 billion New America Growth Fund, quit.
“He resigned effective at the end of the day to pursue other investment-management opportunities,” Brian Lewbart, a spokesman for the Baltimore-based firm, said in an interview.
New America Growth returned an annual average of 7 percent over the past five years, beating 77 percent of competing funds. Milano will be replaced by Daniel Martino, manager of the $2.5 billion Media & Telecommunications Fund since 2009, according to Bloomberg data. That fund has returned an average 21 percent in the past three years, topping 87 percent of rivals.
Kris Jenner, the firm’s top stock-picker, left T. Rowe Price with two analysts in February to start a hedge-fund firm, Rock Springs Capital. He formerly managed the $6.2 billion Health Sciences Fund.
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