(Photo: Shutterstock)

Morningstar named T. Rowe Price Portfolio Manager Jerome Clark, creator of the firm’s Target Date Retirement Series, the outstanding portfolio manager for 2020, and it named the firm winner of its award for exemplary stewardship.

Mohit Mittal of Pimco received the award for Rising Talent, the third and final category of Morningstar’s Awards for Investing Excellence.

(Related: Here Are 12 Investing Superstars in 2020, According to Morningstar)

The winners were chosen from among a dozen nominees, which were announced earlier this month.

Outstanding Portfolio Manager: Jerome Clark, T. Rowe Price

“Jerome Clark helped build the firm’s target-date franchise from its beginning in 2002 to today, overseeing its shift from a straightforward mix of U.S. stocks and bonds to a globally diversified portfolio,” said Sarah Bush, Director of Manager Research Services at Morningstar, in a statement. The series has generated strong returns to investors while using a “research-driven approach to asset allocation,” said Bush.

Clark is stepping down as portfolio manager of the target-date strategies at the start of next year and will be succeeded by Wyatt Lee, who was also a nominee for the 2020 portfolio manager award.

Exemplary Stewardship: T. Rowe Price

T. Rowe Price, which is well-known for its retirement funds, has “shown itself to be a careful steward of investors’ capital,” said Bush, noting that investors have benefited from managers’ long tenures and the firm’s ability to attract and retain talent.

Its success is also rooted in the firm’s fundamental approach to active management, according to Morningstar.

Rising Talent: Mohit Mittal, Pimco

Mohit Mittal, co-manager of Pimco’s Investment Grade Credit Bond and Pimco Total Return funds and overseer of the firm’s investment grade, high yield and emerging markets corporate credit portfolio managers, was lauded for his “impressive analytical, quantitative and leadership skills,” according to Bush. 

 “He has had a tremendous impact on the team’s ability to get down into the details of dedicated credit portfolios and to identify investment ideas that can be implemented in diversified strategies.”