T. Rowe Price Group, Inc., the Baltimore-based asset manager, has agreed to acquire F/m Investments LLC, a fixed income asset manager, in a deal designed to expand its exchange-traded fund and separately managed account capabilities. The transaction was announced on 20 August. F/m had approximately $19 billion in assets under management as of 31 July 2026.
Financial terms of the deal were not disclosed. The transaction is expected to close in early 2027, subject to customary filings and closing conditions. T. Rowe Price is listed on the Nasdaq Global Select Market under the ticker TROW and had $1.87 trillion in client assets under management as of 31 July 2026.
FIXED INCOME BUILD-OUT
F/m Investments, founded in 2019 and headquartered in Washington, D.C., created the US Benchmark Series, the first standardised suite of single-security US Treasury ETFs, and manages 20 ETFs covering Treasuries, TIPS, corporate bonds and municipal securities. At closing, the acquisition is expected to increase T. Rowe Price's fixed income assets under management by nearly 9% and more than double its fixed income ETF assets under management.
The deal is also expected to expand T. Rowe Price's fixed income separately managed account (SMA) business; F/m manages both taxable and municipal SMAs. F/m also provides customised municipal bond and liquidity solutions to institutional and high-net-worth clients.
Arif Husain, T. Rowe Price's head of global fixed income, said F/m brings unique ETF product development capabilities that will complement T. Rowe Price's active fixed income lineup across its Intermediary, Institutional, Retirement and Wealth platforms.
ADVISORS AND TIMING
Dechert LLP is legal counsel to T. Rowe Price, while F/m Investments is being advised by Oppenheimer & Co. as exclusive financial adviser, with Fried Frank acting as legal counsel to F/m's majority owners.
T. Rowe Price said the transaction reflects its disciplined approach to acquisitions and partnerships that strengthen its investment capabilities and expand scalable solutions for clients.
F/m chief executive Alexander Morris said the firm needed "a partner with relevant expertise, deep resources, and a shared vision" to continue to innovate and provide client value at scale. Upon closing, F/m will operate as "F/m Investments, a T. Rowe Price Company", retaining its brand and leadership team, with chief executive and co-founder Alexander Morris reporting to Arif Husain, T. Rowe Price's head of global fixed income.