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(Reuters) -Goldman Sachs will invest up to $ 1 billion in group T. Rowe Price and will associate with the asset manager to sell private market products to retail investors, Bloomberg News reported on Thursday.
Goldman Sachs will use his balance sheet to have equity in T. Rowe, and the two companies will collaborate on a range of investments targeting retirement savers and rich investors, according to the report.
T. Rowe’s shares, which have lost almost 7% so far this year, have increased by around 6% in exchanges before the bell.
Goldman Sachs and T. Rowe did not immediately respond to requests for comments from Reuters.
(Report by Pritam Biswas in Bengaluru; edition by Anil d’Silva)
