T. Rowe Price Group has agreed to acquire F/m Investments LLC, a Washington, DC-based fixed income specialist with roughly $19 billion in assets under management.
It’s a move that will more than double the Baltimore asset manager's fixed income ETF holdings and significantly expand its separately managed account capabilities.
The deal, announced August 20, 2026, is expected to close in early 2027. Financial terms were not disclosed.
Following the acquisition, F/m Investments will operate as F/m Investments, a T. Rowe Price Company, retaining its brand, leadership team, investment philosophy, and operating model.
F/m Investments, founded in 2019 and led by CEO and co-founder Alexander Morris, has built a reputation as one of the more innovative players in the ETF space.
The firm manages a suite of 20 exchange-traded funds covering Treasuries, Treasury Inflation-Protected Securities, corporate bonds, and municipal securities, along with institutional separate accounts and both taxable and municipal SMAs.
F/m is credited with creating the US Benchmark Series, the first standardized single-security US Treasury ETFs, and holds the distinction of having launched the first dual-share class ETF and filed the first SEC application for tokenized ETF shares.
The transaction is expected to add approximately 9% to T. Rowe Price's fixed income AUM, which currently sits within the firm's $1.87 trillion total asset base as of July 31, 2026.
For T. Rowe Price, the acquisition is designed to broaden its liquidity, cash management, and customized fixed income solutions, while also bringing in F/m's ETF product development expertise.
Arif Husain, head of global fixed income at T. Rowe Price and a member of the firm's management committee, said the deal reflects "a thoughtful, disciplined approach to expanding our capabilities in areas where we see durable client demand."
Morris will report to Husain following the transaction's close, and all F/m employees are expected to become T. Rowe Price associates.
Morris said the scale of a larger partner was central to F/m's decision. "To continue to innovate and provide client value at scale, we needed a partner with relevant expertise, deep resources, and a shared vision," he said.
F/m's taxable and municipal SMA capabilities add customized fixed income solutions to T. Rowe Price's existing platform.
For financial advisors seeking expanded fixed income options for client portfolios the combined firm's broader product shelf including the single-security Treasury ETFs offers additional building blocks for portfolio construction.
T. Rowe Price's distribution network gives F/m's products a meaningful new channel, while advisors already working with separately managed accounts gain access to a more extensive fixed income lineup.
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