Investment giant T. Rowe Price plans to move 220 jobs to Colorado Springs and Owings Mills, Md., when it closes a 400-employee operations center in Tampa, Fla., next year.
The Baltimore-based company said in a news release that it is consolidating from three operations centers to two in June to respond to “a growing client preference to engage digitally and the success the firm’s digital transformation and technology innovations are having in enhancing online and mobile experience and generating operational efficiencies.”
T. Rowe Price said in the release that it is not renewing its lease on its Tampa office and will transfer 220 positions to operations centers in Colorado Springs and Owings Mills and have 30 employees work remotely, including regional relationship managers and members of its retirement plan employee meeting team. Another 150 positions will not be replaced.
The company said in the release that it encourages employees of the Tampa center to “consider relocation by pursing roles at other sites.” T. Rowe Price listed openings for five job types at its Colorado Springs center, including financial services contact center representative, bilingual representative, senior human resources solutions analyst, intermediary sales consultant in the broker/dealer channel and a part-time internship.
It is not known how many jobs will be coming to the Springs vs. Owings Mills. “It is too soon to predict how many associates will choose to relocate to which of our facilities, or the impact on our workspace requirements,” a T. Rowe Price spokesman said via email.
The 81-year-old company manages $1.04 trillion in assets for individual and institutional investors, retirement plans and others and operates a family of mutual funds.
T. Rowe Price earned profits totaling $902.6 million, or $3.55 a share, on revenue of $2.67 billion during the first half of the year, both up double-digit percentages from a year earlier.
T. Rowe Price opened an investment services center in the Briargate area in 1998 and expanded with a second building in 2006.
The company said in September that the Springs center employs 825 people in the complex, which can accommodate up to 1,400 people. The 31-acre Briargate site can hold another two buildings.
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