T. Rowe Price agrees to acquire fixed income asset manager F/m Investments

"This is a scale game, and success for us wasn't going from managing $20 billion to $30 billion or $40 billion, it was boosting activity 10x or beyond," said Alex Morris, who founded F/m Investments in 2019, and now oversees the management of $19 billion in assets, more than $10 billion of which are invested in the firm's suite of 20 ETFs.

The agreement was reached after F/m received multiple expressions of interest from potential partners or acquirers and decided to open a formal process, Morris told Reuters. Terms of the transaction were not disclosed.

T. Rowe Price has agreed to acquire F/m Investments, a move that would more than double its assets invested in fixed-income exchange-traded funds, the two firms said on Thursday.