T. Rowe Price announced Monday that it has created a new position, head of investment strategy, and has appointed David Giroux, the chief investment officer of U.S. Equity and Multi-Asset, to fulfill that role.

Girouz manages the T. Rowe Price Capital Appreciation Fund.

Giroux, who was managing some $47 billion for individual and institutional investors as of June 30, will lead investment research projects aimed at providing insight to benefit T. Rowe Price’s security selection process across asset classes.

In a statement, T. Rowe Price said Giroux had led several similar research projects over the years, and that his appointment simply formalized a functional role he had already assumed.

“David’s appointment as head of investment strategy is designed to help maximize the ability of our research platform to generate excess returns for investors,” Eric Veiel, head of U.S. equity and co-head of global equity, said in the statement.

“David epitomizes our culture of collaboration-driven investment excellence and dedication to our clients.  He is uniquely qualified for this additional role.”

Giroux has been nominated five times for Morningstar’s Fund Manager of the Year award, and won the award in 2012 in the allocation category and in 2017 in the U.S. allocation/alternatives category.