T. Rowe Price Group announced it has agreed to purchase F/m Investments, a fixed income investment manager and ETF specialist, in an acquisition aimed at strengthening the acquirer’s bond market capabilities. As of 31 July 2026, F/m Investments managed $19bn across multiple fund structures, including exchange-traded funds, institutional separate accounts, and separately managed accounts focused on taxable and municipal securities.
The transaction is designed to enhance T. Rowe Price’s fixed income operations while supporting growth initiatives in the ETF space and expanding service offerings in liquidity management, cash solutions, and customized fixed income strategies. F/m Investments, established in 2019 and headquartered in Washington, operates as an affiliate of 1251 Capital Group. The firm specializes in fixed income products and manages the US Benchmark Series, a collection of single-security Treasury ETFs intended to provide investors with targeted exposure to Treasury securities at specific maturity dates. Its fund lineup comprises 20 ETFs spanning Treasury securities, inflation-protected securities, corporate bonds, and municipal obligations.
Following completion of the transaction, T. Rowe Price anticipates its fixed income assets under management will increase by nearly 9%, while fixed income ETF assets are expected to more than double. The acquisition also will expand the company’s fixed-income separately managed account business. Upon closing, F/m will maintain its brand identity and operational independence while becoming part of T. Rowe Price’s organizational structure. Current leadership, investment methodology, and day-to-day operations are expected to remain unchanged, with CEO Alexander Morris assuming a reporting relationship to T. Rowe Price’s chief investment officer. The transaction is anticipated to close in early 2027, pending standard regulatory approvals and customary closing procedures.
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