T.Rowe Price is outsourcing its Baltimore fund administration operation to BNY Mellon in New York.

Approximately 220 T.Rowe Price associates, the majority based in the Baltimore area, are expected to become BNY Mellon employees.

"By leveraging the scale and expertise of a leading service provider such as BNY Mellon, we are responding to ongoing business, technology, and regulatory changes in a way that provides an even stronger operating environment for the future," said Bill Strickland, head of services and technology for T Rowe Price.

Strickland said that the relationship would allows us the firm to focus its resources on capabilities that best support future business needs.

BNY Mellon described its appointment as "a historic milestone".

"We look forward to continuing to grow as they grow their own business and to supporting them in achieving their strategic goals," said Samir Pandiri, global CEO of asset servicing at BNY Mellon.

BNY Mellon will provide T Rowe Price’s portfolio accounting services through its Eagle/OnCore platform as well as services a range of fund accounting and administration functions.

investment operation, which had assets valued in excess of $770 billion as of March 31.