RBB Fund, Inc. has announced a significant change in its investment management structure following an agreement with T. Rowe Price Group, Inc. This transaction, which involves T. Rowe Price acquiring F/m Investments LLC, the current investment adviser to RBB Fund, is expected to enhance the company's investment capabilities. The move is noteworthy as it may reshape management dynamics within the firm and the broader investment industry.

The filing revealed that the transaction is anticipated to close in early 2027, pending customary closing conditions. As part of this change, shareholders of record as of November 9, 2026, will be solicited to vote on new investment advisory agreements with F/m. This vote is crucial as it will determine the future management structure of RBB Fund's various investment products.

Background

RBB Fund, Inc. is an investment company based in Milwaukee, Wisconsin. The firm is known for its diverse range of funds, including the F/m US Treasury 10 Year Note ETF and the F/m High Yield 100 ETF. The company is incorporated in Maryland and has been active in the investment industry for several decades. Recent filings indicate that RBB Fund is expanding its offerings and refining its management strategies.

What the Filing Says

The SEC filing dated October 30, 2026, outlines the agreement between T. Rowe Price and F/m, stating, "T. Rowe Price will acquire all of the issued and outstanding equity interests of F/m, the current investment adviser to each Fund." The filing also notes that the transaction will automatically terminate the current investment advisory agreement with F/m.

Impact

This change may significantly affect shareholders and investors in RBB Fund's various investment products. The anticipated vote on the new advisory agreements will directly involve shareholders of record as of November 9, 2026. The outcome of this vote will determine how the funds are managed moving forward and whether F/m will continue as the adviser under T. Rowe Price's ownership.

What's Next

The filing indicates that a special meeting of shareholders is expected to be held on or about January 12, 2027, to discuss and vote on the new advisory agreements. Shareholders will receive a proxy statement with more details about the transaction and the new agreements, but there is no assurance that the shareholders will approve the changes.