Overview

• Goldman will acquire the stake through open-market purchases, targeting roughly 3.5% of T. Rowe Price shares, according to the companies.
• The firms will co-develop offerings for individuals, advisors and retirement plans, including co-branded target-date strategies and model portfolios with access to private equity, credit, infrastructure and real estate.
• Initial products are planned for mid-2026, and Goldman characterized the equity position as its only investment in an outside asset management firm.
• T. Rowe Price stock jumped as much as 12% intraday after the announcement and ended near $111 on Thursday, while Goldman shares edged higher.
• The pact follows years of outflows and performance pressure at T. Rowe and aligns with a broader push to open alternatives to retail investors after a presidential order encouraging such options in 401(k)s.