Baltimore-based
This is a result of the fact that Caterpillar announced back in October that it has decided to exit the investment management business, as it is not its core competency.
The level of fund assets involved in the transaction has not been disclosed. The funds' board is set to vote on the acquisition in early March. If approved, it would entail 10 Preferred funds being merged with 10 T. Rowe Price funds.
The reorganization is due close in June, and if it occurs, it will mark the second time in less than 12 months that T. Rowe Price has acquired the assets of another firm, as the company assumed $400 million in assets in July from the