Investment Banking
Exclusive Financial Advisor to F/m Investments on its Announced Sale to T. Rowe Price
September 01, 2026
Oppenheimer & Co. Inc. acted as Exclusive Financial Advisor to F/m Investments on its Announced Sale to T. Rowe Price
On August 20, 2026, T. Rowe Price Group, Inc. (NASDAQ: TROW) announced it has entered into an agreement to acquire F/m Investments LLC ("F/m"), an asset manager specializing in fixed income ETFs and customized investment solutions and an affiliate of 1251 Capital Group, Inc. F/m manages approximately $19 billion of assets across exchange-traded funds (ETFs), institutional separate accounts, and both taxable and municipal separately managed accounts (SMAs) as of July 31, 2026, with capabilities spanning Treasury, TIPS, corporate bond, municipal bond, liquidity, and cash management strategies. F/m has also advanced ETF structure and market access through innovations including the first dual-share-class ETF launched by a U.S. issuer and the filing of a first-of-its-kind SEC application for tokenized ETF shares. The partnership strategically enhances T. Rowe Price's fixed income platform and strengthens its position in innovative and growing areas of fixed income investing.
The transaction is expected to close in early 2027, subject to customary regulatory filings and other closing conditions. Financial terms of the transaction were not disclosed.
The transaction will significantly expand T. Rowe Price's fixed income capabilities, accelerate growth across its ETF franchise, and broaden its liquidity, cash management, and customized fixed income offerings. The acquisition is expected to increase T. Rowe Price's standalone fixed income assets under management by approximately 9%, more than double its fixed income ETF assets under management and significantly expand its fixed income SMA business.
Upon closing, F/m will operate as "F/m Investments, a T. Rowe Price Company," retaining its brand, leadership, investment philosophy, and day-to-day operating model. F/m's leadership team, including Alexander Morris, Chief Executive Officer and Co-Founder, will join T. Rowe Price. F/m employees will become T. Rowe Price associates, and Alexander Morris will report to Arif Husain, Head of Global Fixed Income. This structure is intended to preserve F/m's entrepreneurial culture and product innovation capabilities while leveraging T. Rowe Price's global scale and distribution platform.
Financial Institutions Investment Banking
Name:
Gilbert Dychiao
Title:Co-Head of Investment Banking, Head of Financial Institutions
Name:
Stefan Kuhar
Title:Senior Director
Name:
Daniel Whelan
Title:Director
DISCLOSURES
This notice is provided for informational purposes only, and is not intended as a recommendation or an offer or solicitation for the purchase or sale of any security or financial instrument. Nothing contained herein shall constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited.
This notice may contain statistical data cited from third-party sources believed to be reliable, but Oppenheimer & Co. Inc. does not represent that any such third-party statistical information is accurate or complete, and it should not be relied upon as such. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice.
2026 Oppenheimer & Co. Inc. Transacts Business on all Principal US Exchanges and is a Member of SIPC 9095656.1