TAMPA, FL—Global investment management firm T. Rowe Price Group reports it will not be renewing its lease at its Tampa Operations Center at the Corporate Center II at International Plaza building here.
The firm currently employs approximately 400 workers at its offices at 4211 West Boy Scout Blvd. According to its website, the office opened in 1994 and provides a broad range of investment and administrative services for the firm's individual and institutional clients in the southeastern United States.
The Baltimore-headquartered firm reports it will not renew its least at the building and plans to close its Tampa Operations Center in June 2019. Some workers in the Tampa office will be consolidated into company-owned campuses in Owings Mills, MD ad Colorado Springs, CO.
Of the approximately 400 associates currently working in the Tampa office, approximately 30 associates with assigned client relationships, including regional relationship managers and members of the retirement plan employee meeting team, will remain in the area working remotely. All other associates are being encouraged to consider relocation by pursuing roles at other sites. The company states that a majority of the Tampa office associates are engaged in phone support and other client services roles.
“This strategic business decision was difficult because of the significant impact it will have on our Tampa associates,” says William J. Stromberg, President and CEO, T. Rowe Price. “We are grateful for the many contributions they have made to our clients, the firm, and the community. By sharing this news well in advance we hope to provide them with ample opportunity and support to plan for the transition.”
A total of 220 positions are expected to be transferred from Tampa to its Maryland or Colorado locations. T. Rowe Price notes that approximately 150 positions will not be replaced and the firm will provide associates with “appropriate resources and dedicated transition support.” The company also notes that it continues to hire new personnel at its Maryland and Colorado locations.
Scott David, head of individual and retirement plan services for T. Rowe Price, notes that as the firm adapts to changes in investor preferences and accelerate its digital transformation efforts, “”we have the opportunity to simplify our operating model and are confident that in doing so we will continue to effectively serve our clients.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
