T. Rowe Price to Acquire F/m Investments, Bolstering Fixed Income and ETF Platform

T. Rowe Price Group has reached a deal to acquire F/m Investments, a fixed income manager and ETF specialist, for an undisclosed sum. The transaction is expected to complete in early 2027, subject to customary filings and closing conditions.

As of 31 July 2026, F/m Investments oversaw $19bn in assets across exchange-traded funds, institutional separate accounts, and taxable and municipal separately managed accounts. Established in 2019 and based in Washington, F/m is affiliated with 1251 Capital Group.

The acquisition is set to add to T. Rowe Price's fixed income operations, support expansion in ETFs, and extend its offerings in liquidity, cash management and tailored fixed income mandates. T. Rowe Price said that once completed, its fixed income assets under management are expected to rise by nearly 9%.

F/m Investments focuses on fixed income products and runs the US Benchmark Series, described as the first standardised range of single-security US Treasury ETFs, aimed at giving maturity-specific exposure to US Treasury securities through an ETF format. The firm offers 20 ETFs covering Treasuries, TIPS, corporate bonds and municipal securities.

The purchase is expected to more than double T. Rowe Price's fixed income ETF assets under management and enlarge its fixed-income SMA business. After completion, F/m will operate as "F/m Investments, a T. Rowe Price Company", keeping its brand, leadership team, investment process and day-to-day operating structure.

Alexander Morris, CEO and co-founder of F/m Investments, said: "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."

Arif Husain, CIO and global head of fixed income at T. Rowe Price, said: "F/m Investments is a strong strategic and cultural fit with T. Rowe Price. 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 deal underscores a strategic push by major asset managers to expand fixed income ETF capabilities and meet evolving client demand for tailored fixed income solutions.

Alexander Morris will report to Arif Husain, and F/m staff will become T. Rowe Price associates. The transaction is expected to complete in early 2027, subject to customary filings and closing conditions.