Asset manager T. Rowe Price enters the crypto market by filing for an active T. Rowe Price crypto ETF with the SEC, seeking to outperform the FTSE index.

Investing.com -- T. Rowe Price Group Inc. (NASDAQ:TROW) stock rose 3% in pre-market trading Thursday after Bloomberg reported that Goldman Sachs Group Inc. (NYSE:GS) will purchase up to $1 billion of T. Rowe stock as part of a private-funds partnership. The investment will see Goldman acquire as much as 3.5% of T. Rowe’s outstanding shares through "a series of open-market purchases," potentially making the Wall Street bank one of T. Rowe’s five largest shareholders. This represents Goldman’s only investment in an external asset management firm. Beyond the equity stake, the two financial giants will collaborate to develop and distribute private-market investment products targeting retirement savers and high-net-worth individuals, according to a statement from the companies. The deal comes at a strategic time for T. Rowe, whose stock has declined more than 50% from its 2021 peak. The partnership aims to expand both firms’ capabilities in the growing alternative investments space, particularly focusing on making private market opportunities more accessible to retail investors. The collaboration marks an unusual arrangement in the asset management industry, with Goldman deploying its balance sheet to take a significant position in T. Rowe while simultaneously forming a business alliance to develop new investment offerings. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. The fastest way to find out is with our Fair Value calculator. We use a mix of 17 proven industry valuation models for maximum accuracy. Get the bottom line for GS plus thousands of other stocks and find your next hidden gem with massive upside.

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T. Rowe Price Group CEO Bill Stromberg will retire in Dec...