UPDATED: T. Rowe Price to Shift 200 Employees

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A major employer with presence in Owings Mills reportedly plans to outsource hundreds of employees.

T. Rowe Price will transition 220 employees by August, according to the Baltimore Business Journal, which said 200 of the positions are in Owings Mills.

The asset management company has more than 5,900 employees total.

Of those, more than 3,000 work at the Owings Mills campus, the company reports.

According to the business journal, the company is outsourcing its services to BNY Mellon to take regulatory and technological services off its plate so its personnel can keep its attention on wealth management.

Pictured, T. Rowe Price in the 4500 block of Painters Mills Road in Owings Mills. Screenshot from YouTube/Baltimore County Government.

Full statement from T. Rowe Price on decision:

T. Rowe Price has made a strategic decision to change how we handle certain portfolio record keeping, mutual fund accounting, and other related operations and administrative functions. After a thorough review of options, we have signed a contract to shift those functions, and the approximately 220 associates performing them, to BNY Mellon.

Transition of these functions is expected to occur in August.

Providing the best transition experience that we can for our associates has been a top priority for everyone involved in this decision, and we are pleased that BNY Mellon plans to hire all of those individuals who meet its employment eligibility requirements.

During a two-year post-transition period, we have ensured that associates can continue working in their current locales if they choose. As a result, approximately 200 Baltimore-area associates will remain in space on T. Rowe Price’s campus in Owings Mills, Md. that we will make available to BNY Mellon, while London and Hong Kong associates will relocate to existing BNY Mellon facilities in those locales.

We remain committed to serving our clients with excellence. By leveraging the scale and expertise of a leading service provider, 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.

We remain deeply committed to Baltimore. While this strategic decision impacts one part of our organization and a small percentage of our nearly 6,000 associates, we are also continuing to grow and hire. During 2015, for example, we have already hired or have plans to hire for more than 330 new positions in the Baltimore area.