T. Rowe Price to buy F/m Investments and its Treasury ETFs

T. Rowe Price Group has agreed to buy F/m Investments LLC, a Washington, D.C.-based fixed income manager with roughly $19 billion under management. InvestmentNews first reported the deal. The transaction was announced August 20, 2026, and is expected to close in early 2027. Financial terms were not disclosed.

Buying F/m more than doubles T. Rowe Price's fixed income ETF holdings and widens its separately managed account offerings. F/m runs 20 ETFs that hold Treasuries, TIPS, corporate bonds, and municipal securities, alongside institutional separate accounts and taxable and municipal SMA programs. The firm created the US Benchmark Series, the first standardized single-security US Treasury ETFs. It also launched the first dual-share class ETF and filed the first SEC application for tokenized ETF shares.

F/m will operate as F/m Investments, a T. Rowe Price Company, keeping its name, leadership, investment approach, and operating model. Alexander Morris, the chief executive and co-founder, will report to Arif Husain, T. Rowe Price's head of global fixed income, once the deal closes. Every F/m employee is expected to become a T. Rowe Price associate.

For T. Rowe Price, the purchase broadens its liquidity, cash management, and customized fixed income offerings and adds F/m's ETF product development expertise. The deal is expected to add roughly 9% to T. Rowe Price's fixed income assets under management. That fixed income figure sits inside the firm's $1.87 trillion total asset base as of July 31, 2026.

For Morris, the choice came down to scale. "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. Husain said the deal reflects "a thoughtful, disciplined approach to expanding our capabilities in areas where we see durable client demand."

The single-security Treasury ETFs are the most unusual part of F/m's lineup. The US Benchmark Series standardized what had been a patchwork of products, giving advisors a precise way to express a duration view or assemble a bond ladder. Those ETFs now gain T. Rowe Price's distribution network, a new channel for a firm whose name was built in a narrow corner of the ETF market.

Advisors already working with separately managed accounts will get the combined taxable and municipal SMA lineup alongside T. Rowe Price's existing platform. The broader product set, including the single-security Treasury ETFs, gives them more ways to assemble a portfolio.

T. Rowe Price has been expanding its active ETF shelf through its own launches. The purchase shows it will also grow by acquisition. F/m adds a track record of firsts at the SEC just as allocators and advisors turn back to fixed income.