T. Rowe Price (TROW) is acquiring F/m Investments, a fixed-income manager with $19 billion in AUM, significantly boosting TROW's fixed-income ETF assets and expanding its separately managed account business. This strategic move positions TROW to capitalize on the growing demand for fixed-income ETFs and specialized Treasury expertise.
T. Rowe Price is acquiring F/m Investments, a fixed-income specialist with $19 billion in AUM, in a deal expected to close in early 2027. This acquisition is highly strategic for TROW, as it will more than double its fixed-income ETF assets and increase overall fixed-income AUM by nearly 9%, while also expanding its separately managed account business. F/m brings specialized Treasury expertise and an established ETF platform, including innovative products like single-security U.S. Treasury ETFs and a filing for tokenized ETF shares. For TROW, this provides a faster route to scale in the rapidly growing fixed-income ETF market and broadens its reach beyond conventional ETFs. For F/m, it gains access to TROW's larger distribution and investment-management infrastructure. This move underscores the trend of established asset managers using acquisitions to accelerate their ETF capabilities, presenting a long-term growth opportunity for TROW in a competitive market.