T. Rowe Price’s head of foreign exchange (FX) trading, Toby Baker is set to retire from his role at the end of March, after more than 25 years at the real money asset manager.
During his industry career – which spans more than three decades – Baker worked extensively across sectors spanning risk management, currency hedge funds, FX, fixed income and options.
T. Rowe Price confirmed Baker’s retirement when contacted by The TRADE.
He initially joined T. Rowe Price in February 2001, beginning in the fixed income trading department, where he was the first trader to join fixed income at the firm.
He also serves as a vice president of T. Rowe Price Group and T. Rowe Price International.
Speaking to The TRADE as our buy-side cover star for Q2 2026, Baker unpacked his trading career, highlighting factors such as how to keep track of new innovations coming to market that may simplify workflows on the desk.
He said: “Never be afraid to try before you buy, and you don’t have to buy. There’s a lot out there doing the same thing. It’s important to try and differentiate and not to waste too much time. We do a lot of peer evaluation on the platforms and the liquidity providers. Rather than just talking about things, we need to be able to kick the tyres.”
Prior to his time at T. Rowe Price, London-based Baker also worked across various FX-based roles, serving as an FX dealer at JP Morgan Chase Fleming Asset Management for more than a year.
Previously in his career, he also served as an FX trader at Daiwa Asset Management for almost five years, where he focused on trade support.
