In a strategic move to bolster its fixed income capabilities, T. Rowe Price Group, Inc. has announced its agreement to acquire F/m Investments LLC. This acquisition, valued at approximately $19 billion in assets under management as of July 31, 2026, is poised to accelerate growth across T. Rowe Price’s ETF franchise and broaden its liquidity, cash management, and customized fixed income offerings.
The acquisition underscores T. Rowe Price’s commitment to expanding its investment capabilities through disciplined and strategic partnerships. F/m Investments, founded in 2019 and headquartered in Washington, D.C., is renowned for its innovative approach to fixed income solutions, particularly through its US Benchmark Series the first standardized suite of single-security U.S. Treasury ETFs.
Enhancing Fixed Income and ETF Offerings
F/m Investments brings a diverse suite of 20 ETFs that cover a wide range of fixed income instruments, including Treasuries, TIPS, corporate bonds, and municipal securities. The firm has been a pioneer in the ETF industry, launching the first dual-share class ETF and filing a groundbreaking SEC application for tokenized ETF shares. Additionally, F/m 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,” said Arif Husain, T. Rowe Price’s Head of Global Fixed Income. “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.”
Strategic Alignment and Future Growth
Upon 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. 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, CEO and Co-Founder of F/m Investments, will report to Arif Husain, and F/m employees will become T. Rowe Price associates.
“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. “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.”
The Road Ahead
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, while 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.
This strategic acquisition positions T. Rowe Price to leverage F/m’s innovative ETF product development capabilities and expand its fixed income offerings, ultimately benefiting investors seeking precise, transparent, and accessible fixed income solutions.
