T. Rowe Price's Tampa closure will eliminate 169 jobs

The firm's West Shore office employed about 400. About 200 positions will move to offices in Maryland and Colorado, and 35 with established client relationships will stay in Tampa working remotely.
T. Rowe Price vice president David J. Healy announces that the firm would open an investor service center in Tampa in 1994. (Times files)
T. Rowe Price vice president David J. Healy announces that the firm would open an investor service center in Tampa in 1994. (Times files)
Published April 26
Updated April 26

TAMPA — T. Rowe Price is scheduled to shut down what once was a 400-person Tampa office, as planned, on June 30 and said this week it expects to eliminate a total of 169 jobs.

That's how many remain after about 200 workers either found new jobs locally over the past year or, in a smaller number of cases, took transfers to the firm's offices in Maryland and Colorado.

"All 169 of these associates will receive severance benefits and will be offered outplacement services," company spokesman Brian Lewbart said in an email to the Tampa Bay Times. The jobs being eliminated include service specialists, associates and consultants, as well as managers, analysts, financial planners and administrative staff. Most of T. Rowe Price's staffers at its Tampa operations center at 4211 W Boy Scout Blvd., worked in phone support and other client service roles.

Another 35 Tampa employees who have assigned client relationships, including regional relationship managers and members of the retirement plan employee meeting team, will remain in the Tampa Bay area working remotely.

The Baltimore-based investment management giant announced last May that it would close the Tampa service center, which worked with individual investors and retirement plan participants, and consolidate that work into its campuses at Owings Mills, Md., and Colorado Springs, Colo. The company said a growing desire by clients to do their business online or by mobile app instead of over the phone drove the decision.

The closure ends the firm's 25-year history in the bay area, which at one point included the possibility of not only staying, but quadrupling the company's local workforce.

T. Rowe Price is trying to sell 72 acres that it bought on State Road 54 for an expanded Florida operation. Ten years ago, Pasco County officials had secured $30 million in state and local incentives for a new corporate campus that was expected to bring 1,600 jobs. The company abandoned the idea in 2014.

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Contact Richard Danielson at rdanielson@tampabay.com or (813) 226-3403. Follow @Danielson_Times

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