The total investment would make Goldman Sachs the fifth-largest shareholder of T. Rowe Price, behind Vanguard, BlackRock, State Street Funds Management and Charles Schwab, according to FactSet. Goldman Sachs noted the shares will be bought through a series of open-market purchases, with the aim of providing a range of wealth and retirement offerings that will allow individuals, financial advisors, plan sponsors and plan participants access to private markets. "With Goldman Sachs' decades of leadership innovating across public and private markets and T. Rowe Price's expertise in active investing, clients can invest confidently in the new opportunities for retirement savings and wealth creation," Goldman Sachs CEO David Solomon said in a statement. The companies said they intend to launch their new investment products in mid-2026. T. Rowe Price stock has lost about 16% of its value over the past five years as the company was slow in embracing investor demand for exchange-traded funds.