Baltimore-based T. Rowe Price Group will close its 400-person operation in Tampa, Fla., and move about 220 positions to Owings Mills or Colorado, the money management firm said Wednesday.
The firm said it decided not to renew an office lease in Tampa, citing increasing digital interaction with clients. The Tampa operations center will close in June 2019. About 150 jobs will be cut.
“This strategic business decision was difficult because of the significant impact it will have on our Tampa associates,” said William J. Stromberg, T. Rowe’s president and CEO, in the announcement. “We... need to thoughtfully manage our resources in an increasingly competitive environment. Enhancing our operational efficiency so that we can continue investing in our strategic priorities will enable us to further improve the client experience.”
The company announced the move a year in advance to give employees time to plan for the transition.
Plans call for moving the 220 of 400 Tampa positions to multi-building T. Rowe campuses in Owings Mills or Colorado Springs, each of which serves individual investors and retirement plan participants. Most of the Tampa workers handle phone support and other client service roles.
About 30 employees, including some regional mangers and members of the retirement plan employee meeting team, will remain in Tampa and work remotely. Other Tampa employees are being encouraged to relocate and apply for jobs in Owings Mills or Colorado.
The firm said it has been working to improve its online and mobile services, making it more efficient..