Goldman Sachs has announced plans to acquire Innovator Capital Management, a leading provider of defined-outcome ETFs, in a $2 billion deal aimed at expanding its asset management offerings. The acquisition, set to be finalized in the second quarter of 2026, will enhance Goldman's presence in a rapidly expanding segment of the investment world.
Defined-outcome ETFs, which utilize contracts such as options to mitigate downside risks or achieve specific gains over predetermined periods, are gaining popularity. As of September 30, Innovator Capital Management managed $28 billion in assets across 159 ETFs.
David Solomon, CEO of Goldman Sachs, stated in a news release that "Active ETFs are dynamic, transformative, and one of the fastest-growing segments in today's public investment landscape." He emphasized that acquiring Innovator will allow Goldman Sachs to offer modern, world-class investment products.
This acquisition is part of Goldman Sachs' broader strategy to emphasize asset and wealth management, following a shift away from consumer banking. Earlier this year, Goldman announced a $1 billion investment in T. Rowe Price and acquired venture capital investor Industry Ventures to enhance its alternative investments platform.
Upon the closure of the deal, Innovator's team of over 60 employees will integrate into Goldman Sachs' asset management division.