Transfer agent and fund accounting firm PFPC will close its Tampa, Fla., and Westborough, Mass., retirement offices by the end of the year. The closings will result in the consolidation of redundant services into its Minneapolis and Rockville, Md., offices. PFPC's call center and order fulfillment center will be centralized in Minneapolis, while retirement plan client services will be headquartered in Rockville.
The relocation is expected to create 150 new positions in Minneapolis; company-wide, the consolidation is expected to result in the net reduction of 50 positions.
PFPC is closing the offices to trim costs, Nancy Wolcott, PFPC executive vice president, said in a statement.