Small-cap investing legend Chuck Royce will relinquish his remaining daily portfolio management duties by the end of September 2024 and become a senior advisor to the firm he founded more than 50 years ago, completing a nearly decadelong leadership handoff.
Royce, who started Royce Investment Partners in 1972 after buying the management company that had been running what was then named Pennsylvania Mutual Fund, has been sloughing off responsibilities slowly over the years. The fund family built around Royce, his small-cap stock expertise, and personality as a dapper, bow-tie-wearing gentleman value investor has added people and structures over the years to preserve its approach and culture.
Royce handed off operational duties beginning with the naming of Chris Clark and Francis Gannon as co-chief investment officers in 2014. Clark also became CEO in 2016. The firm also now has management and risk committees and has bolstered its investment teams with promotions and new hires. Clark said the firm has hired 15 investment professionals in the past five years.....more here