BNY Mellon Wins “Historic” T. Rowe Price Mandate

BNY Mellon will provide portfolio and fund accounting services to support global investment manager T. Rowe Price.

The mandate will see BNY Melon provide portfolio accounting services to T. Rowe Price’s investment operations, which as of March 31 had assets valued in excess of $770 billion, as well as a range of fund accounting and administration services.

Under the terms of the agreement, around 220 associates of T. Rowe Price will become employees of BNY Mellon.

“Signing this strategic agreement with T. Rowe Price is a historic milestone for BNY Mellon, and we welcome this opportunity to work alongside such a prestigious investment management firm,” says Samir Pandiri, global CEO of Asset Servicing, BNY Mellon.

“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,” adds Bill Strickland, head of Services and Technology, T. Rowe Price.