Dec. 5, 2002 — T.Rowe Price Group (TROW) said Daniel Shackelford, a member of the team that oversees the $2 billion T Rowe Price New Income Fund (PRCIX), has taken over as lead manager. He succeeds William Reynolds, who continues as head of the company’s fixed-income department.

Shackelford, who joined the Baltimore-based company in 1999, also manages the T. Rowe Price Inflation Protected Bond Fund, which was launched in October.

The New Income Fund returned 5.1% this year through October, while the average intermediate-term high quality bond fund was up 6.7%.