T. Rowe Price to Acquire F/m Investments to Bolster Fixed Income ETF Suite
T. Rowe Price has agreed to acquire Washington-based F/m Investments, a specialist in fixed income ETFs and separately managed accounts managing $19 billion. The deal, slated to close in early 2027, aims to double T. Rowe Price’s fixed income ETF footprint while integrating unique product development capabilities.
The acquisition represents a strategic pivot for the Baltimore-based asset manager, which currently oversees $1.87 trillion in client assets. By absorbing F/m Investments—an affiliate of 1251 Capital Group founded in 2019—T. Rowe Price gains access to a specialized suite of 20 ETFs, including the US Benchmark Series, which offers targeted exposure to U.S. Treasury securities. The move is expected to increase T. Rowe Price’s fixed income assets under management by approximately 9% upon completion.
Under the terms of the agreement, F/m will retain its branding and day-to-day operations as a T. Rowe Price company. Alexander Morris, CEO and co-founder of F/m, will report to Arif Husain, T. Rowe Price’s head of global fixed income. The deal emphasizes a push into customized liquidity and municipal bond solutions, areas where F/m has established a reputation for innovation, including recent filings for tokenized ETF shares. Financial terms of the transaction were not disclosed.
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