T. Rowe Price Group Inc. is promoting from within as the head of one of its major teams resigns and heads west. Michael Gitlin, the head of Fixed Income at T. Rowe resigned effective Jan. 23, 2015.

He is leaving for a combination of personal and professional reasons. Professionally, Gitlin is moving to Los Angeles, the home of private money management firm The Capital Group. He plans to join that company in the spring as its head of Fixed Income.

T. Rowe will make Edward "Ted" Wiese its new head of Fixed Income to replace Gitlin. Wiese, who has worked at the Baltimore money manager for 30 years, was the head of its U.S. Taxable Low Duration team and portfolio manager of its U.S. Short-Term Bond Strategy. He will also join T. Rowe's management committee and report directly to its CEO, James A.C. Kennedy.