Goldman to Buy $1 Billion of T. Rowe Stock as Firms Team Up

Goldman Sachs Group Inc. will invest as much as $1 billion in T. Rowe Price Group Inc. and team up with the asset manager to sell private-market products to retail investors.

The unusual arrangement means Goldman will use its balance sheet to hold equity in T. Rowe, whose stock has tumbled more than 50% from its 2021 peak. The companies will collaborate on a range of investments for retirement savers and wealthy investors, they said in an emailed statement.