Fixed-Income Asset Manager Acquired by T. Rowe Price

T. Rowe Price Group Inc. announced Thursday it will acquire F/m Investments LLC, a fixed-income asset manager and exchange-traded-fund specialist with approximately $19 billion in assets under management as of July 31.

The acquisition is expected to increase T. Rowe Price’s fixed-income assets under management by nearly 9%, more than double its fixed-income ETF assets under management, and expand its fixed-income separately managed account business.

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. F/m Investments CEO and Co-Founder Alexander Morris will report to Arif Husain, T. Rowe Price’s head of global fixed income, and F/m employees will become T. Rowe Price associates.

“To continue to innovate and provide client value at scale, we needed a partner with relevant expertise, deep resources, and a shared vision,” Morris said in a statement. “T. Rowe Price has been clear that the way we work is the thing they’re investing in.”

F/m Investments launched a dual-share-class ETF in February, shortly after the U.S. Securities and Exchange Commission’s November 2025 approval for Dimensional Fund Advisors to offer dual-share-class ETFs. Previously, Vanguard had been the only asset manager authorized to do so.

A Washington, D.C.-based affiliate of 1251 Capital Group Inc., F/m Investments offers a suite of 20 ETFs covering fixed-income options from Treasurys and Treasury inflation-protected securities to corporate bonds and municipal securities. It also provides customized 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,” Husain said in a statement. “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.”

The transaction is expected to close in early 2027. Financial terms were not disclosed.

T. Rowe Price managed $1.87 trillion in client assets as of July 31, about two-thirds of which are retirement-related.