T. Rowe Price expands fixed income ETF capabilities by acquiring F/M Investments

T. Rowe Price is acquiring F/M Investments, an independent asset manager that recently crossed $10 billion in ETF assets under management. The deal is designed to bolster T. Rowe Price’s fixed income ETF and separately managed account (SMA) capabilities, two areas where institutional and retail demand has been surging. For a firm already managing roughly $1.89 trillion in assets, this isn’t about filling a gap so much as widening a lane it’s been aggressively building in. What T. Rowe Price is getting F/M Investments has carved out a reputation as a specialist in fixed income ETFs, particularly those targeting US Treasury securities and inflation-protected bonds. The firm crossed the $10 billion AUM threshold in its ETF business. The firm has filed for dual-share-class ETF structures and has pursued tokenized ETF shares through SEC exemptive applications. Think of dual-share-class structures as a way to offer the same underlying portfolio through different wrappers, each optimized for different types of investors or tax situations. T. Rowe Price’s ETF buildup T. Rowe Price launched four new active fixed income ETFs in late 2025, bringing its total ETF lineup to 28 funds. In early 2...