The acquisition will help the asset manager expand its fixed income, ETF franchise, and SMA efforts.
T. Rowe Price Group is acquiring a fixed income asset manager and exchange-traded fund specialist, F/m Investments LLC, in order to expand the asset management giant’s fixed income efforts and to hasten the growth of its ETF franchise, officials say.
The financial terms of the acquisition were not disclosed.
Once the acquisition is complete, F/m will operate as “F/m Investments, a T. Rowe Price Company,” according to T. Rowe Price. “The transaction is expected to close in early 2027, subject to customary filings and closing conditions.”
Based in Washington, D.C., F/m Investments has approximately $19 billion in assets under management (AUM) as of July 31, 2026, across ETFs, institutional separate accounts, and both taxable and municipal separately managed accounts (SMAs), officials say. The firm, founded in 2019, is an affiliate of 1251 Capital Group, Inc.
“F/m’s suite of 20 ETFs covers the fixed income landscape from Treasuries and TIPS to corporate bonds and municipal securities. F/m also has been a driver of innovation in the ETF industry through the launch of the first dual-share class ETF and the filing of a first-of-its-kind SEC application for tokenized ETF shares,” officials say. “In addition, F/m provides customized municipal bond and liquidity solutions to institutional and high-net-worth clients.”
“At closing, the acquisition is expected to increase T. Rowe Price’s fixed income assets under management by nearly 9 percent, more than doubling its fixed income ETF assets under management and expanding its fixed-income SMA business,” according to T. Rowe Price.
Dechert LLP served as legal counsel to T. Rowe Price while Oppenheimer & Co. Inc. acted as exclusive financial advisor to F/m Investments, officials say. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to the majority owners of F/m Investments.
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