Royce Announces Next Stages of Succession Planning

NEW YORK, May 12, 2016 /PRNewswire/ -- Royce & Associates, LP, the small-cap equity specialist, is announcing two notable changes as part of the ongoing long-term succession planning at the firm.

Christopher D. Clark will become Chief Executive Officer of Royce & Associates, LP effective July 1, 2016, marking an important step in the planned evolution of the firm's executive management.

Mr. Clark was named President on July 1, 2014 and has managed the firm alongside Charles M. Royce for the past two years. He remains the firm's President and, along with Francis D. Gannon, its Co-Chief Investment Officer.

Mr. Royce, who has served as President or CEO since founding the firm in 1972, will remain as Chairman and Portfolio Manager.

Mr. Royce commented, "Chris has exhibited excellent leadership qualities since joining Royce in 2007, and has been pivotal in helping us make this management transition over the past few years.  I have complete confidence in his ability to continue running our firm and leading our talented team while preserving our special culture. I look forward to continuing to work with him on strategic issues while, perhaps most important, these moves allow me to focus my time on what I enjoy most, managing portfolios."

Messrs. Clark, Royce, and Gannon serve on the firm's Management Committee, along with General Counsel John E. Denneen, CFO Peter K. Hoglund, and Senior Advisor John D. Diederich.

Royce is also announcing the elevation of several portfolio managers on two of the firm's signature offerings—Royce Pennsylvania Mutual and Premier Funds—effective May 1, 2016. For Royce Pennsylvania Mutual Fund, Jay S. Kaplan and Lauren A. Romeo are now portfolio managers, after previously serving as assistant portfolio managers, while Mr. Royce is the lead portfolio manager. Similarly, Ms. Romeo and Steven G. McBoyle are now portfolio managers for Royce Premier Fund, where each was formerly an assistant portfolio manager, with Mr. Royce as lead portfolio manager.

Mr. Clark noted, "We are very fortunate to have such talented and experienced investment professionals working alongside Chuck on some of our firm's most important portfolios. Over time, Jay, Lauren, and Steve have each demonstrated great talent as portfolio managers. As they continue to work closely with Chuck on these funds, they'll provide our investors with experience and continuity for years to come."

About Royce & Associates, LP: Royce & Associates, LP, investment adviser to The Royce Funds, is a small-cap specialist offering distinct investment strategies with different risk/return profiles designed to meet a variety of investors' needs. Each of our strategies focuses on the kind of fundamental, intensive company research that we have done for more than 40 years. Chuck Royce, the firm's founder and a pioneer of small-cap investing, enjoys one of the longest tenures of any mutual fund manager. Royce & Associates, LP is an affiliate of Legg Mason Inc. (NYSE: LM). Royce Fund Services, Inc., the Fund's distributor, is a member of FINRA and the SIPC.

Additional Information about:

Chris Clark – Mr. Clark has been President and Co-Chief Investment Officer of Royce since July 1, 2014. He joined the firm in 2007 and spent his first years in various portfolio management and executive client service roles. He is a member of Royce's Management Committee and has 28 years of investment industry experience.

Chuck Royce – A pioneer in small-cap fund investing, Mr. Royce is the Chairman of Royce & Associates, LP and enjoys one of the longest tenures of any active mutual fund manager. He is a member the firm's Management Committee.

Francis Gannon – Mr. Gannon has been Co-Chief Investment Officer and a Managing Director of Royce since July 1, 2014. He joined Royce in 2006 in various portfolio management, marketing, and client service roles. He is a member of Royce's Management Committee and has 23 years of investment industry experience.

John Denneen – Mr. Denneen is the General Counsel and a Managing Director for Royce & Associates, LP. He joined Royce & Associates in 1996. Mr. Denneen is a member of Royce's Management Committee and has 24 years of investment industry experience.

Peter Hoglund, CFA – Mr. Hoglund is the Chief Financial Officer, Chief Administrative Officer, and a Managing Director for Royce & Associates, LP. He joined Royce in 2015. Mr. Hoglund is a member of Royce's Management Committee and has 23 years of investment industry experience.

Jay Kaplan, CFA – Mr. Kaplan is a Portfolio Manager and Principal for Royce & Associates, LP. In addition to his role on Royce Pennsylvania Mutual Fund, he manages Royce Small-Cap Value Fund and Royce Capital Fund – Small-Cap Portfolio. He also manages Royce Total Return and Dividend Value Funds (both with Chuck Royce as lead portfolio manager). He joined Royce in 2000 and has 27 years of investment industry experience.

Lauren Romeo, CFA – Ms. Romeo is a Portfolio Manager and Principal for Royce & Associates, LP. In addition to her roles on Royce Pennsylvania Mutual and Premier Funds, she manages Royce Small-Cap Leaders Fund and is assistant portfolio manager for Royce Value Trust, a closed-end fund that Mr. Royce manages. She joined Royce in 2004 and has 25 years of investment industry experience.

Steven McBoyle, CPA, CA – Mr. McBoyle is a Portfolio Manager and Principal for Royce & Associates, LP. In addition to managing Royce Premier Fund, Steven also manages Royce Heritage Fund and is the assistant portfolio manager for Royce Special Equity and Special Equity Multi-Cap Funds, where Charlie Dreifus is portfolio manager. He joined Royce in 2007 and has 25 years of investment industry experience.

Important Disclosure Information

An investor should carefully consider each Fund's investment objective, risks, charges, and expenses before investing or sending money. This and other important information about The Royce Funds can be found in the Funds' prospectus. To obtain a prospectus, and information about The Royce Funds, please call (800) 221-4268 or visit www.roycefunds.com. Please read the prospectus carefully before investing.

Royce Pennsylvania Mutual Fund: Investment Class, PENNX, 780905840; Service Class, RYPFX, 780905386; Institutional Class, RPMIX, 78081A303; Consultant Class, RYPCX, 780905816; R Class, RPMRX, 780905295; K Class, RPMKX, 780811303

Royce Premier Fund: Investment Class, RYPRX, 780905600: Service Class, RPFFX, 780905634; Institutional Class, RPFIX, 780905683; Consultant Class, RPRCX, 780905550; R Class, RPRRX, 780905287; K Class, RPRKX, 780811402; W Class, RPRWX, 780905451

SOURCE Royce & Associates