Asset manager T. Rowe Price has selected BNY Mellon’s asset servicing business to provide portfolio and fund accounting services in a major strategic agreement that will see many job transfers.
About 220 T. Rowe Price workers – mainly based in Baltimore, US –are expected to become BNY Mellon employees.
T. Rowe Price, which had $770 billion (€699 billion) of assets under management at March 31, is based in Baltimore but has operations in Europe.
T. Rowe Price’s portfolio accounting services will be supported by BNY Mellon’s Eagle/OnCore platform.
Samir Pandiri, global chief executive officer of asset servicing at BNY Mellon, says the deal with T. Rowe Price is a “historic milestone” for BNY Mellon.
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