ETFs & Funds
Home›ETFs & Funds›Equity Funds›T. Rowe Price to buy F/m Investments in latest ETF ind…
T. Rowe Price to buy F/m Investments in latest ETF industry deal
F/m manages about $19 billion in total assets, including more than $10 billion across 20 fixed-income ETFs led by the $7.2 billion TBIL fund.
T. Rowe Price agreed late Thursday to acquire F/m Investments for an undisclosed sum, aiming to add a fixed-income ETF specialist to its lineup, according to Yahoo Finance. The Baltimore asset manager has about $1.9 trillion in assets under management.
F/m runs roughly $19 billion in total, with more than $10 billion in 20 ETFs, and the rest in separately managed accounts. Its flagship is the F/m US Treasury 3 Month Bill ETF, known as TBIL, which holds $7.2 billion and represents more than 70% of F/m’s ETF assets.
F/m has positioned its products around targeted exposure in fixed income. The firm pioneered single-bond ETFs that continuously hold one Treasury tenor, and it also launched funds including the RBIL ultrashort Treasury inflation-protected securities ETF, and the CPAG bond ETF that rotates among broad bond ETFs.
For T. Rowe Price, the purchase would more than double its own fixed-income ETF assets. Yahoo Finance notes T. Rowe currently has 10 U.S.-listed fixed income ETFs totaling $6.5 billion, as it steps up ETF growth, and the deal follows another ETF-manager acquisition announced earlier in the month.