T. Rowe Price Group (NASDAQ: TROW) has agreed to acquire F/m Investments LLC, a Washington, D.C.-based fixed income asset manager with approximately $19 billion in assets under management as of July 31, 2026.

F/m Investments, founded in 2019 and an affiliate of 1251 Capital Group, Inc., manages a suite of 20 ETFs spanning Treasuries, TIPS, corporate bonds, and municipal securities. The firm also provides separately managed accounts and institutional fixed income solutions.

The transaction is expected to increase T. Rowe Price's fixed income assets under management by nearly 9%, more than doubling its fixed income ETF assets under management, according to the company's statement.

Upon closing, F/m will operate as "F/m Investments, a T. Rowe Price Company," retaining its brand, leadership team, and operating model. F/m CEO and Co-Founder Alexander Morris will report to Arif Husain, T. Rowe Price's Head of Global Fixed Income.

"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," Husain said.

The deal is expected to close in early 2027, subject to customary regulatory filings and closing conditions. Financial terms were not disclosed.

Dechert LLP served as legal counsel to T. Rowe Price. Oppenheimer & Co. Inc. acted as exclusive financial advisor to F/m Investments, and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to the majority owners of F/m Investments.

T. Rowe Price reported $1.87 trillion in total client assets under management as of July 31, 2026.