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In what he called “accelerating” the transformation of its full-service record-keeping business, T. Rowe Price announced plans to transfer responsibility for the development of its retirement technology and operations from base at FIS National Information Services.
In a May 18 press release, T. Rowe Price said he was expanding his 30-year relationship with FIS, leveraging FIS’s scale and extensive experience in retirement technology and operations while focusing on its own strengths in investment management and customer service to “grow its defined contribution business in a scalable and efficient manner.”
Since T. Rowe Price is already using FIS’s record keeping platform, there will be no conversions or transitions for clients, according to the companies. That said, the change will mean that some 800 T. Rowe employees (around 10% of the company’s workforce) will be offered the same roles within FIS as they are today, effective August 1, 2021, same price T. Rowe. offices in Owings Mills, MD and Colorado Springs, CO where they currently work.
Going forward, T. Rowe said this move would allow him to focus on his core strengths as an archivist and continue to be responsible for strong investment management, high quality customer service and personalized experiences for participants. Plan sponsors will continue to be served by their same customer service teams and T. Rowe will retain responsibility for all record keeping services.
FIS serves some of the largest registrars in the industry and provides the technology platform for 50 million participants and over $ 3 trillion in assets.
Ultimately, said T. Rowe Price, this change will allow the firm to accelerate the pace of improvements it offers clients, including modernization of record keeping; additional retirement income experiences; new capabilities for financial well-being and digital payment; and the incorporation of the latest technologies in artificial intelligence, automation and robotics.
The move echoes last summer’s announcement that Vanguard was moving some 1,300 employees who currently support the administration, operations and technology functions of the company’s comprehensive record keeping customers to Infosys. Likewise, these workers were offered comparable positions at Infosys near the Vanguard offices in Malvern, PA; Charlotte, North Carolina; and Scottsdale, AZ. Infosys serves half of the 20 largest retirement services companies in the United States, according to the company.
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