T. Rowe Price, a $1.89 trillion asset manager, is acquiring F/M Investments, an independent manager specializing in fixed income ETFs that recently crossed $10 billion in assets under management. The deal is designed to strengthen T. Rowe Price’s fixed income ETF and separately managed account capabilities, two segments where institutional and retail demand has been growing rapidly. F/M Investments has built a reputation as a specialist in fixed income ETFs, particularly those targeting US Treasury securities and inflation-protected bonds. The firm has filed with the SEC for dual-share-class ETF structures and tokenized shares. T. Rowe Price launched four new active fixed income ETFs in late 2025, bringing its total lineup to 28 funds, and issued its first CLO worth $403.59 million in early 2026.
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