Chuck Royce to Transition to Senior Advisor Role at Royce Investment Partners
Chuck Royce, the small-cap investing legend, is set to transition into a new role as a senior advisor at the firm he founded over 50 years ago. This marks the completion of a nearly decade-long leadership handoff, as Royce has been gradually relinquishing his daily portfolio management duties over the years.
Royce’s journey began in 1972 when he started Royce Investment Partners after acquiring the management company that was overseeing what was then known as Pennsylvania Mutual Fund. Known for his small-cap stock expertise and his distinctive bow-tie style, Royce built a fund family around his unique approach to value investing.
In recent years, Royce has been delegating operational responsibilities, starting with the appointment of co-chief investment officers Chris Clark and Francis Gannon in 2014. Clark later took on the role of CEO in 2016, and the firm has since expanded its investment teams with new hires and promotions. The addition of 15 investment professionals in the past five years reflects the firm’s commitment to maintaining its approach and culture.
As part of the succession plan, Royce will officially step down from managing Premier and Small-Cap Total Return funds in July 2024. Analyst Joe Hintz will become a co-manager, and Jag Sriram will serve as an assistant manager on the latter fund. These changes will not impact the strategies’ ratings.
Royce will continue to manage Royce Small-Cap until September 2024, after which Gannon will take over asset allocation duties. Royce will also step back from managing Royce Dividend Value and several closed-end funds. Despite these changes, Royce has no immediate plans to retire, emphasizing his ongoing commitment to the firm and its investors.
The gradual transition of leadership at Royce Investment Partners highlights the importance of succession planning in the investment industry. As Chuck Royce moves into a new role as senior advisor, the firm remains dedicated to upholding its investment philosophy and delivering value to clients.
