State Street’s subsidiary, Charles River Development, has completed the migration of long‑time client T. Rowe Price to its SaaS‑deployed Investment Management Solution (IMS). The move, announced on December 4 2025, brings the asset‑management firm—whose relationship with Charles River dates back to 2002—into a fully cloud‑based front‑office environment that integrates portfolio management, risk analytics, trading, and post‑trade settlement.
The migration modernizes T. Rowe Price’s front‑office operations by replacing proprietary infrastructure with a scalable, cloud‑native platform. It streamlines the management of global equity, fixed‑income, and multi‑asset portfolios and embeds compliance and data governance directly into the workflow. The transition is a key component of State Street’s Alpha strategy, which couples custody, technology, and investment‑management services into a single, end‑to‑end ecosystem.
Financially, the migration is expected to generate recurring servicing‑fee revenue for State Street, reinforcing the firm’s shift toward a fee‑dominated model. While exact figures are not disclosed, the addition of a $1.79 trillion‑asset client to the Alpha platform signals a substantial boost to State Street’s recurring revenue stream and positions the company for further client acquisitions.
Glen Eads, Charles River product owner at T. Rowe Price, said the project “was highly manageable thanks to constant communication and enhanced transparency.” Dean Landis, Head of the Americas at Charles River, added that the platform “affords T. Rowe Price the flexibility to modernize their operating model while keeping pace with rapidly changing investor preferences and regulatory frameworks.”
The migration underscores a broader industry shift toward cloud‑based investment solutions. By moving a major client to its SaaS platform, State Street gains a competitive edge over rivals that still rely on legacy systems, while also demonstrating the scalability of its Alpha offering.
For State Street, the T. Rowe Price migration deepens a long‑standing partnership and expands the Alpha ecosystem, setting the stage for additional client wins and reinforcing the firm’s strategy of bundling custody, technology, and investment‑management services into a unified, cloud‑native platform.
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