NEW YORK, June 2, 2015 – BNY Mellon, a global leader in investment management and investment services, has been selected to provide portfolio and fund accounting services to support T. Rowe Price’s investment operation, which had assets valued in excess of $770 billion as of March 31.
In addition to supporting T. Rowe Price’s portfolio accounting services through its Eagle/OnCore platform, BNY Mellon will provide a range of fund accounting and administration services.
Under the terms of the agreement, approximately 220 T. Rowe Price associates – the majority based in the Baltimore area – are expected to become BNY Mellon employees.
Samir Pandiri, global CEO of Asset Servicing at BNY Mellon, said, “Signing this strategic agreement with T. Rowe Price is a historic milestone for BNY Mellon, and we welcome this opportunity to work alongside such a prestigious investment management firm. Our ability to support them on our state-of-the-art platform is key to our new relationship, and we look forward to continuing to grow as they grow their own business and to supporting them in achieving their strategic goals.”
Bill Strickland, Head of Services & Technology for T. Rowe Price, said, "By leveraging the scale and expertise of a leading service provider such as BNY Mellon, we are responding to ongoing business, technology, and regulatory changes in a way that provides an even stronger operating environment for the future. This strategic relationship also allows us to focus the firm's resources on capabilities that strengthen our client value proposition and best support future business needs."
BNY Mellon's Asset Servicing business supports institutional investors in today's fast-evolving markets, safekeeping assets and enhancing the administration of client investments through services that process, monitor and measure data from around the world, allowing clients to focus on the management of their investments. We leverage our global footprint and local expertise to deliver insight and solutions across the investment lifecycle.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of March 31, 2015, BNY Mellon had $28.5 trillion in assets under custody and/or administration and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter @BNYMellon.