Goldman Sachs has agreed to invest as much as $1bn in US asset manager T Rowe Price as part of a tie-up in which the two businesses will pitch private investments to retail and wealth clients.
Goldman said on Thursday it would buy T Rowe Price shares on the open market and expected to own up to 3.5 per cent of the investment group, making it one of the Baltimore-based company’s largest shareholders.
The investment is the latest tie-up between traditional investment managers such as T Rowe Price and giants in private market investing, amid an all-out push by the industry to begin offering stakes in leveraged buyout funds and private credit vehicles to everyday investors.
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