T. Rowe Price CTO On Modernization And The Future Of AI

T. Rowe Price, a global leader in asset management, oversees $1.7 trillion in client assets as of July 2025, roughly two-thirds of which are retirement-related. For more than 85 years, the firm has built a reputation for investment excellence, independent research and a client-first culture. Leading the company’s evolving digital transformation is Ramon Richards, the company’s Chief Technology Officer, who has spent the past two years driving modernization, advancing artificial intelligence capabilities and preparing the workforce for the future. A Broad and Evolving CTO Mandate As CTO, Richards leads T. Rowe Price’s global technology organization overseeing infrastructure, applications, data, cybersecurity and AI enablement. “We are focused on making sure that our business partners have the technology and data capabilities they need to best serve our clients,” he explained. Since joining in 2023, Richards has guided a wide-ranging modernization effort that underpins nearly every facet of the company’s technology strategy. His focus spans far more than systems and tools. Richards views his role as enabling the business to move faster and smarter, aligning technology closely with enterprise strategy. “Our business depends on trust and precision,” he noted. “Technology is a key enabler of that.” The modernization journey, he adds, is less about disruption for its own sake and more about creating a resilient, adaptive foundation for what comes next. Modernizing Technology for the Future When Richards arrived, he began by listening to business stakeholders, technology leaders and associates across the enterprise to understand how T. Rowe Price’s systems could better support its mission. “We then assembled a group from within the company to build our technology strategy,” he said. “Our technology priorities are based on what we recognize are the most important things for us to focus on.” The resulting strategy centers on three pillars: modernization, artificial intelligence and talent. The modernization effort focuses on retiring legacy systems, simplifying the technology environment and instilling greater discipline around core platforms. “We are introducing new data capabilities and eliminating redundancy so we can operate more efficiently,” Richards emphasized. The company has scaled its agile delivery model and expanded automation across development and testing to accelerate delivery while improving quality. “Modernization is one of those spaces where you’re always modernizing,” he reflected. “It’s a continual investment in readiness.” Harnessing AI Responsibly and Strategically If modernization is the foundation, artificial intelligence is the frontier. Though T. Rowe Price’s data scientists have worked with AI since 2017, the company established an AI Labs center of excellence two years ago to accelerate experimentation with generative AI. “We’ve spent a lot of time piloting and learning,” Richards said. “We’ve worked closely with our risk, legal and data privacy partners to make sure we have the right guardrails in place.” The company is already seeing results. In investment and sales, generative AI is uncovering deeper insights from proprietary data and client interactions. In software engineering, AI co-pilots are accelerating development. Meanwhile, an internal tool called ChatTRP allows employees to access summarization and information retrieval capabilities that enhance productivity. “This is the tip of the iceberg,” Richards underscored. “We will step carefully, but we see a future where these AI solutions are everywhere, and we want to harness that power the right way.” Preparing Talent for an AI-Enhanced Future For Richards, technology transformation is inseparable from talent transformation. “We’re increasing AI literacy across the entire enterprise,” he said. Training programs now focus on prompt engineering, cloud computing and scaled agile delivery, while a new generation of solution architects is being developed to integrate AI seamlessly across the business. “Everyone should be asking, ‘What does it mean to be AI-enhanced in my role?’” he suggested. This focus on people reflects T. Rowe Price’s belief that its competitive edge lies not just in technology, but in how people use it. “When we think about our future, it’s the talent that we have that’s going to get us there,” Richards noted. The company’s approach emphasizes experimentation, continuous learning and adaptability; skills that will become increasingly vital as AI transforms the nature of work. The Cultural Impact of AI T. Rowe Price’s client-first culture is guiding how it adopts AI. “Every company will have to wrestle with what is the right way to embrace AI, but it’s not optional,” Richards unscored. He sees AI as a net positive for productivity, collaboration and innovation, while acknowledging that responsible adoption requires careful planning. “We talk about ‘human in the loop,’” he explained. “The responsibility of the human to verify AI results is essential.” As with any major shift, Richards emphasizes the importance of change management and trust. “These tools can make getting to the outcome seem simple, but we can’t get overly comfortable,” he said. The company’s focus on transparency and validation aims to ensure AI augments human judgment rather than replacing it—preserving the culture of integrity that has long defined T. Rowe Price. Personal Reflections on Transition and Growth Before joining T. Rowe Price, Richards spent more than two decades at Fannie Mae, where he rose to Chief Information Officer. Moving to a new company and a new industry after 24 years was “a big step,” he admitted, but one that’s been deeply rewarding. “The culture at T. Rowe Price is outstanding. It’s a group of people who care deeply about clients and each other,” he said. He’s also energized by the challenges ahead. “Data, technology and cybersecurity are critical to our future, and the partnerships across the firm have been remarkable,” he said. The pace of change in AI has been faster than expected, but Richards sees that as an opportunity. “We’ve been quick to embrace it and think seriously about what it means for us and how we best position ourselves,” he added. Looking Ahead: The Age of AI Agents and Tokenized Assets Richards expects artificial intelligence to remain the defining theme for years to come. “We’re entering a world dominated by AI,” he said. Among the emerging frontiers he’s watching closely: agentic AI, where autonomous digital agents augment human workflows, and tokenization, particularly of assets in the financial sector. “These trends will reshape how we operate,” he said. Richards is ensuring T. Rowe Price is ready by simplifying its architecture and emphasizing modularity so the company can integrate new solutions quickly. “We’re also paying attention to advancements in tokenization and blockchain,” he added. “We’ll continue to look ahead, but we’re also making sure our data and systems are ready for the accelerating AI space that’s taking shape.” A Forward-Focused Vision As T. Rowe Price continues its digital transformation, Richards remains both pragmatic and optimistic. “I’m really proud of the progress we’re making in modernizing our technology and positioning ourselves well for the future,” he highlighted. “Our work is cut out for us, but it’s energizing.” Richards is confident that by pairing technological innovation with human expertise, T. Rowe Price will remain a trusted leader in global asset management. “There’s a lot to do,” he said, “and I’m excited about the road ahead.” Peter High is President of Metis Strategy, a business and IT advisory firm. He has written three bestselling books, including his latest Getting to Nimble. He also moderates the Technovation podcast series and speaks at conferences around the world. Follow him on Twitter @PeterAHigh.

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