T. Rowe Price acquires $19 billion F/m Investments to expand fixed-income ETF platform

T. Rowe Price Group, Inc., a global investment management firm, today announced an agreement to acquire F/m Investments LLC, the fixed income asset manager and ETF specialist with approximately $19 billion in assets under management as of 31 July 2026, across exchange-traded funds (ETFs), institutional separate accounts, and both taxable and municipal separately managed accounts (SMAs).

The acquisition is expected to deepen T. Rowe Price's fixed income capabilities, accelerate growth across its ETF franchise, and broaden its liquidity, cash management, and customised fixed income offerings. The transaction also reflects T. Rowe Price's disciplined approach to acquisitions and partnerships that strengthen its investment capabilities and expand scalable solutions for clients.

Founded in 2019 and headquartered in Washington, D.C., F/m Investments is an asset manager focused on delivering precise, transparent, and accessible fixed income solutions and is an affiliate of 1251 Capital Group, Inc. Its US Benchmark Series, the first standardised suite of single-security U.S. Treasury ETFs, is designed to provide maturity-specific exposure to U.S. Treasury securities through an ETF structure.

F/m's suite of 20 ETFs covers the fixed income landscape from Treasuries and TIPS to corporate bonds and municipal securities. F/m also has been a driver of innovation in the ETF industry through the launch of the first dual-share class ETF and the filing of a first-of-its-kind SEC application for tokenized ETF shares. In addition, F/m provides customised municipal bond and liquidity solutions to institutional and high-net-worth clients.

"F/m Investments is a strong strategic and cultural fit with T. Rowe Price," said Arif Husain, T. Rowe Price's head of global fixed income and a member of the firm's Management Committee. "The acquisition reflects a thoughtful, disciplined approach to expanding our capabilities in areas where we see durable client demand, clear strategic alignment, and the opportunity to create long-term value. F/m brings unique ETF product development capabilities that will complement T. Rowe Price's active fixed income lineup across our Intermediary, Institutional, Retirement, and Wealth platforms."

At closing, the acquisition is expected to increase T. Rowe Price's fixed income assets under management by nearly 9%, more than doubling its fixed income ETF assets under management and expanding its fixed income SMA business.

"We started F/m because fixed income investments were too hard for investors to use. To continue to innovate and provide client value at scale, we needed a partner with relevant expertise, deep resources, and a shared vision. T. Rowe Price has been clear that the way we work is the thing they're investing in," said Alexander Morris, CEO and Co-Founder of F/m Investments. "Our mission will remain the same. We are excited to align our approach with T. Rowe Price's scale to better serve clients for years to come."

Upon closing, F/m will operate as "F/m Investments, a T. Rowe Price Company," retaining its brand, leadership, investment approach, and day-to-day operating model. Alexander Morris will report to Arif Husain, and F/m employees will become T. Rowe Price associates. This structure preserves what has made F/m successful while extending its fixed income capabilities across T. Rowe Price's platforms.

The transaction is expected to close in early 2027, subject to customary filings and closing conditions. Financial terms were not disclosed.

Dechert LLP served as legal counsel to T. Rowe Price.

Oppenheimer & Co. Inc. acted as exclusive financial advisor to F/m Investments, and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to the majority owners of F/m Investments.

Re-disseminated by Wealth and Society