BNY Mellon secures T. Rowe mandate 04 June 2015New York Reporter: Becky Butcher
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BNY Mellon has been selected to provide portfolio and fund accounting services to support T. Rowe Price’s $770 billion investment operation.
In addition to supporting T. Rowe Price’s portfolio accounting services through its Eagle/OnCore platform, BNY Mellon will also provide a range of fund accounting and administration services.
Under the terms of the agreement, approximately 220 T. Rowe Price associates are expected to become BNY Mellon employees.
Samir Pandiri, global CEO of asset servicing at BNY Mellon, commented: “Signing this strategic agreement with T. Rowe Price is a milestone for BNY Mellon.”
“Our ability to support them on our 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 and technology for T. Rowe Price, said: "By leveraging the scale and expertise of a service provider such as BNY Mellon, we are responding to on going business, technology, and regulatory changes in a way that provides an even stronger operating environment for the future.”
Strickland adds: “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."
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