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T. Rowe Price shares rallied Thursday after the asset manager struck a $1 billion deal with Goldman Sachs to sell private market products to retail investors.

Goldman will buy up to $1 billion in T. Rowe Price common stock through open market purchases with the intention to own up to 3.5%, according to the announcement. The two financial firms will team up to offer wealth and retirement funds that give access to private markets for individuals, financial advisors, plan sponsors and plan participants.

T. Rowe Price shares surged more than 5% Thursday.

"This investment and collaboration represent our conviction in a shared legacy of success delivering results for investors," David Solomon, CEO of Goldman, sa

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