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(Reuters) -Goldman Sachs will invest as much as $1 billion in T. Rowe Price Group and will partner with the asset manager to sell private market products to retail investors, Bloomberg News reported on Thursday.
Goldman Sachs will use its balance sheet to hold equity in T. Rowe, and the two firms will collaborate on a range of investments targeting retirement savers and wealthy investors, according to the report.
T. Rowe shares, which have lost nearly 7% so far this year, rose about 6% in trading before the bell.
Goldman Sachs and T. Rowe did not immediately respond to Reuters’ requests for comment.
(Reporting by Pritam Biswas in Bengaluru; Editing by Anil D’Silva)
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