(Corrects typo in media packaging code)

(Reuters) -Goldman Sachs ( GS ) 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 ( GS ) 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 ( GS ) and T. Rowe did not immediately respond to Reuters' requests for comment.

(Reporting by Pritam Biswas in Bengaluru; Editing by Anil D'Silva)