Chris Alderson has not necessarily picked the ideal time to become the spearhead of T Rowe Price’s international investment arm. He was appointed international chief executive in April by the US mutual fund management firm, which has $316bn (£199bn, €215bn) of assets, to oversee the company’s considerable investment activities outside the US.

Over the past decade, these activities have become increasingly central to the firm’s strategy as US institutional and retail investors have recognised the need to diversify portfolios that hitherto were almost exclusively focused on domestic assets.