T. Rowe Price has expanded its relationship with Charles River Development, a State Street company, by moving its investment‑management operations to the SaaS‑deployed Charles River Investment Management Solution (IMS). The migration replaces the firm’s on‑premises platform with a cloud‑based system that delivers real‑time data integration, automated workflow, and enhanced analytics.
The move builds on a transition announced in April 2024, when T. Rowe Price began using Charles River’s cloud platform for portfolio management, trading, and compliance. The new deployment is intended to accelerate the rollout of new investment products and strategies for institutional and retail clients, while reducing infrastructure costs and improving operational efficiency.
While the company has not disclosed specific cost‑saving figures, industry analysts note that SaaS solutions typically lower capital expenditures and provide predictable operating expenses. T. Rowe Price expects the migration to deliver long‑term cost savings and greater agility in responding to market and regulatory changes.
Charles River Development has been a client of its parent, State Street, since 2002, and was acquired by State Street in 2018 for $2.6 billion. The partnership deepens the integration of State Street’s Alpha Data Platform with Charles River’s IMS, giving T. Rowe Price a unified front‑to‑back platform.
Management emphasized the strategic importance of the upgrade. Glen Eads, Charles River product owner at T. Rowe Price, said the collaboration “made this significant project highly manageable” and highlighted the transparency and communication that enabled the transition. Dean Landis, Head of the Americas at Charles River, added that the platform “provides the flexibility to modernize the operating model while keeping pace with rapidly changing investor preferences and emerging regulatory frameworks.”
The migration is part of a broader technology strategy that includes investments in data analytics, automation, and cloud infrastructure. By moving to a cloud‑native platform, T. Rowe Price can scale resources on demand, reduce maintenance overhead, and accelerate the deployment of new features, positioning the firm to better serve its clients in a dynamic market.
The announcement follows a broader industry trend toward cloud‑based solutions, driven by the need for agility, cost efficiency, and advanced capabilities. T. Rowe Price’s deepening partnership with Charles River Development signals its commitment to staying at the forefront of technology innovation in asset management.
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