T. Rowe Price Group has reached a deal to acquire F/m Investments, a fixed income manager and ETF specialist, for an undisclosed sum.
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.
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The deal 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.
Established in 2019 and based in Washington, F/m Investments is affiliated with 1251 Capital Group.
It 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.
F/m offers 20 ETFs covering Treasuries, TIPS, corporate bonds and municipal securities.
F/m Investments CEO and co-founder Alexander Morris 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.
“T. Rowe Price has been clear that the way we work is the thing they’re investing in. 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.”
T. Rowe Price said once the transaction is completed, its fixed income assets under management are expected to rise by nearly 9%.
The purchase is expected to more than double its fixed income ETF assets under management and enlarge its fixed-income SMA business.
T. Rowe Price CIO and fixed income global head and Arif Husain 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.
“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.”
After completion, F/m will operate as “F/m Investments, a T. Rowe Price Company”.
The business will keep its brand, leadership team, investment process and day-to-day operating structure.
Alexander Morris will report to Arif Husain, while 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.
