Uh-huh. That's a lead (or lede) sentence in a CityWire story announcing Chuck Royce's decision, at 82, to hand over management responsibilities for Royce Premier.
He'll still be a portfolio manager, of course, he will just "rotate
" so that he's no longer a "lead" portfolio manager. Following the move, he'll remain a manager of some sort on eight funds.
I'm struck by the delicacy of the Royce press release wording and by the ability of the CityWire writer to declare that Mr. Royce has ten years of experience: he's been with this fund since '92 (30 years), founded the firm in '72 (50 years) and earned his MBA in '63 (nearly - checking fingers and toes here - 60 years).
For what interest it holds.