T. Rowe Price to Acquire F/m Investments to Expand ETFs

T. Rowe Price Group entered into an agreement to acquire F/m Investments LLC, a Washington, DC-based fixed income specialist. The transaction, expected to close in early 2027 pending customary filings, will more than double T. Rowe Price's fixed income ETF assets under management and increase its overall fixed income assets by nearly 9%.

F/m Investments manages approximately $19 billion in assets as of July 31, 2026, including 20 ETFs and customized municipal bond solutions. The portfolio includes the US Benchmark Series of single-security Treasury ETFs. Following the acquisition, the firm will operate as F/m Investments, a T. Rowe Price Company, retaining its existing brand, leadership, and investment philosophy.

Alexander Morris, CEO and co-founder of F/m Investments, will report to Arif Husain, the Head of Global Fixed Income and CIO at T. Rowe Price. Financial terms of the deal were not disclosed. Husain characterized the acquisition as a strategic and cultural fit that reflects a disciplined approach to expanding capabilities where there is durable client demand.