T. Rowe Price accelerates transformation of its retirement recordkeeping business

T. Rowe Price Group Inc. Tuesday announced plans to accelerate the transformation of its full-service retirement recordkeeping business by expanding its 30-year relationship with FIS, a global technology leader.

Taking advantage of FIS’ scale and extensive experience in retirement technology and operations while focusing on its own strengths in investment management and client service advances T. Rowe Price’s strategy to grow its defined contribution business in a scalable and efficient manner.

Deepening the partnership follows an extensive strategic review of the business and will allow T. Rowe Price to continue providing quality services, further increase operational efficiency, and enhance delivery of innovative retirement solutions for plan sponsors and participants while strengthening the firm’s position in the industry.

FIS serves some of the industry’s largest recordkeepers and provides the technology platform for 50 million participants and more than $3 trillion in assets. For T. Rowe Price, FIS will assume responsibility for managing retirement technology development and core operations. As a result, about 800 T. Rowe Price operations and technology associates are being offered the same roles with FIS that they have today, with the transition effective Aug. 1.

The transitioning associates will remain in the current Owings Mills and Colorado Springs, Colorado facilities and continue to serve the T. Rowe Price account and clients.

Moving forward, T. Rowe Price will concentrate on its core strengths as a recordkeeper and continue to be responsible for delivering strong investment management, high-touch client service, and personalized participant experiences. Sponsors will continue to be served by their same client service teams at T. Rowe Price and T. Rowe Price will retain accountability for all recordkeeping services.

Leveraging FIS’ expertise in fintech and service delivery, along with their significant investments in their retirement business, will enable T. Rowe Price to accelerate the pace of enhancements it delivers to clients, including recordkeeping modernization; additional retirement income experiences; new financial wellness and digital payment capabilities; and incorporation of the latest in artificial intelligence, automation, and robotics technology. These enhancements will be delivered while staying focused on ensuring there is no disruption to plan sponsors or participants. Because T. Rowe Price already uses FIS’ recordkeeping platform, there will be no conversion or transition for any clients.