T. Rowe Price Leadership Changes & OFLEX Fund Launch 2026

T. Rowe Price Shakes Up Leadership and Launches New Alternative Credit Fund in March 2026

T. Rowe Price, one of the largest global investment management firms, made two major announcements on March 19, 2026, that are drawing attention across the financial industry. The firm named Jessica Sclafani as the new head of its global retirement strategist team and simultaneously launched OFLEX, a multi-strategy credit interval fund developed in partnership with Oak Hill Advisors. These moves signal T. Rowe Price's ambitions to strengthen both its retirement advisory capabilities and its foothold in the fast-growing alternative investments space.

For investors, financial advisers, and retirement plan sponsors, these developments carry meaningful implications. Here's a detailed look at what's changing, who's involved, and what it means for the broader market.

Leadership Transition: Jessica Sclafani Takes the Helm of Global Retirement Strategy

T. Rowe Price has appointed Jessica Sclafani to succeed Michael Davis as head of the firm's global retirement strategist team. Davis, who is retiring after a 34-year career in the investment and public policy sectors, will have his last day at T. Rowe Price on May 1, 2026. He first announced his retirement plan in November 2025.

Davis joined T. Rowe Price in 2016 and was instrumental in forming the global retirement strategy team when it was established in 2024. Before his tenure at the firm, he served as deputy assistant secretary at the U.S. Department of Labor until 2012 — a role that gave him deep expertise in retirement policy and fiduciary standards.

Sclafani, who joined T. Rowe Price in 2022, brings a strong background in retirement research and distribution strategy. Her previous experience includes roles at several prominent firms:

• Wellington Management — one of the largest independent investment management companies
• Cerulli Associates — a leading research and consulting firm focused on asset management
• MFS Investment Management — a pioneer in mutual fund investing

This breadth of experience across research, consulting, and investment management positions Sclafani well to lead a team that advises retirement plan sponsors and participants on investment strategy at a global scale.

Expanded Global Retirement Team Leadership

The leadership transition extends beyond the Sclafani appointment. T. Rowe Price's expanded global retirement team structure now includes key figures responsible for different geographic regions:

• Jessica Sclafani — Head of the global retirement strategist team
• Richard Parkin — Head of U.K. retirement
• Scott Keller — Head of Americas, APAC, and EMEA distribution

This structure reflects T. Rowe Price's increasingly international approach to retirement solutions. As defined contribution plans, workplace pensions, and retirement savings vehicles evolve differently across markets, having region-specific leaders working under a unified global strategy allows the firm to tailor its offerings while maintaining consistency in its investment philosophy.

The timing is notable. With the retirement savings industry undergoing significant regulatory shifts in the U.S., U.K., and across Europe and Asia-Pacific, having a leadership team that can navigate these diverse landscapes is a competitive advantage.

OFLEX: A New Multi-Strategy Credit Interval Fund

In a separate but equally significant announcement, T. Rowe Price and Oak Hill Advisors launched OFLEX — formally known as the T. Rowe Price OHA Flexible Credit Income Fund. This multi-strategy credit interval fund is designed specifically for U.S. wealth clients seeking exposure to alternative credit markets.

Oak Hill Advisors, a subsidiary of T. Rowe Price since its acquisition, is a specialist in credit investing with deep expertise in private lending and structured finance. The partnership combines T. Rowe Price's massive distribution network with Oak Hill's credit market acumen.

Key features of OFLEX include:

• Daily availability — The fund is available for purchase on a daily basis via ticker-trading, making it more accessible than many alternative investment vehicles
• Quarterly liquidity — OFLEX will conduct quarterly repurchase offers of at least 5% of outstanding shares at net asset value (NAV)
• Broad credit mandate — The fund can invest across both private and public credit markets

The investment universe for OFLEX spans a wide range of credit strategies, including:

• Direct lending
• Junior capital solutions
• Asset-based lending
• Collateralized loan obligations (CLOs)
• Liquid credit
• Special situations

This flexibility allows the fund managers to allocate capital across the credit spectrum depending on market conditions, potentially offering better risk-adjusted returns than single-strategy credit funds.

Why the OFLEX Launch Matters for Wealth Clients

The launch of OFLEX reflects a broader industry trend: the democratization of alternative investments. Historically, strategies like direct lending and special situations credit were available only to institutional investors and ultra-high-net-worth individuals through private fund structures with high minimums, long lock-up periods, and limited transparency.

Interval funds like OFLEX bridge this gap. By offering daily purchasing through a ticker and providing quarterly liquidity windows, T. Rowe Price is broadening its alternative investment suite to reach a much wider segment of the wealth management market. Financial advisers working with high-net-worth and mass-affluent clients can now incorporate institutional-grade credit strategies into client portfolios without the complexity of traditional private fund structures.

The multi-strategy approach is also significant. Rather than locking investors into a single credit strategy — say, direct lending alone — OFLEX gives the management team discretion to shift allocations. In a volatile credit environment, this flexibility can help manage downside risk while still pursuing attractive yields.

T. Rowe Price's Broader Strategic Direction

Both announcements fit into T. Rowe Price's broader strategic evolution. The firm has historically been known primarily as an active equity and fixed-income manager with a strong presence in retirement plans, particularly target-date funds. The acquisition of Oak Hill Advisors expanded its capabilities into alternative credit, and OFLEX represents a tangible product bringing that capability to the wealth channel.

Meanwhile, the investment in a structured global retirement leadership team underscores the firm's commitment to its retirement franchise — arguably its most important distribution channel. T. Rowe Price manages hundreds of billions in retirement assets, and maintaining thought leadership and advisory depth in this space is critical to defending and growing that position.

For those evaluating T. Rowe Price's fund lineup more broadly, the firm continues to maintain a diverse offering across asset classes. Its institutional strategies, including funds like the T. Rowe Price Institutional Large Cap Core fund (TPLGX), continue to attract attention from investors seeking active management in core equity strategies.

Frequently Asked Questions

Who is replacing Michael Davis at T. Rowe Price?

Jessica Sclafani will succeed Michael Davis as head of T. Rowe Price's global retirement strategist team. Sclafani joined the firm in 2022 and previously held roles at Wellington Management, Cerulli Associates, and MFS Investment Management. Davis's last day at T. Rowe Price is May 1, 2026.

What is OFLEX and how does it work?

OFLEX (T. Rowe Price OHA Flexible Credit Income Fund) is a multi-strategy credit interval fund launched by T. Rowe Price in partnership with Oak Hill Advisors. It invests across private and public credit markets, including direct lending, CLOs, and special situations. Investors can purchase shares daily via ticker-trading, and the fund offers quarterly repurchase windows of at least 5% of outstanding shares at NAV.

Is OFLEX available to all investors?

OFLEX is designed for U.S. wealth clients. It is accessible through ticker-trading on a daily basis, which makes it more broadly available than many private credit vehicles. However, investors should consult with their financial adviser to determine whether the fund fits their risk profile and investment objectives.

Why is T. Rowe Price expanding into alternative credit?

The firm acquired Oak Hill Advisors to strengthen its alternative investment capabilities. With investor demand for private credit and alternative yield strategies growing rapidly, OFLEX allows T. Rowe Price to bring institutional-caliber credit strategies to the wealth management market through an accessible fund structure.

When did T. Rowe Price's global retirement strategy team form?

The global retirement strategy team was established in 2024, with Michael Davis as its founding head. The team was created to provide coordinated retirement investment guidance across T. Rowe Price's global operations, spanning the U.S., U.K., Europe, and Asia-Pacific regions.

The Bottom Line

T. Rowe Price's dual announcements on March 19, 2026, reflect a firm that is actively evolving on two fronts. The appointment of Jessica Sclafani ensures continuity and fresh perspective at the top of its retirement advisory team during a period of significant regulatory and market change. Meanwhile, the OFLEX launch with Oak Hill Advisors represents a meaningful expansion into alternative credit products for a broader investor base.

For financial advisers and investors, both developments are worth watching closely. The leadership transition will shape how T. Rowe Price advises retirement plan sponsors in the years ahead, while OFLEX opens a new avenue for accessing diversified credit strategies that were previously out of reach for most wealth clients. Together, these moves reinforce T. Rowe Price's position as a firm that is investing in its future — across people, products, and market reach.