T. Rowe Price's John Laporte made his long-planned departure as portfolio manager of the firm's New Horizons Fund. In June 2009, The MFWire reported that Laporte would step down in 2010, and now The Wall Street Journal reports that Laporte left last week. Henry Ellenbogen is set to replace Laporte as manager of New Horizons.

The WSJ highlights Laporte's tendency to hold stock for long periods of time, a strategy that made him one of the most successful traders in the industry. The average small-company fund flips its stock every nine months -- Laporte generally held his stock for four years.

Ellenbogen has been working with Laporte since October 2009 in preparation for a smooth transition. Laporte has reportedly urged Ellenborgen to continue his strategy of holding companies for the long term. Dan Martino will take over Ellenbogen's former role as manager of T. Rowe Price's Media & Communications Fund. 

Edited by: Stephanie Bernhard


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