Goldman Sachs acquires ETF business Innovator Capital Management for $2 billion

Goldmans Sachs It said Monday it has agreed to buy Innovator Capital Management, a provider of defined-outcome ETFs, for about $2 billion in its latest deal to shore up the company’s asset management division.

The acquisition, expected to close in the second quarter of 2026, will bolster its ETF offerings in a fast-growing corner of the investing world, Goldman said.

Defined outcome ETFs use contracts including options to mitigate downside risk or provide targeted gains over specified time periods. Innovator had $28 billion in assets under supervision across 159 exchange-traded funds as of September 30.

“Active ETFs are dynamic and transformative, and one of the fastest-growing sectors of the overall investment landscape today,” Goldman Sachs CEO David Solomon said in a press release announcing the deal. “By acquiring Innovator, Goldman Sachs will expand access to modern, world-class investment products.”

Goldman Sachs, which has made asset and wealth management a priority since shifting away from a push toward consumer banking, has closed a series of deals in the sector this year. In September, Goldman Sachs said it would invest $1 billion in this project T. Rowe PriceThe following month, the bank said it had acquired venture capital investor Industry Ventures to bolster its alternative investments platform.

Once the deal closes, Innovator’s 60-plus employees will join the bank’s asset management division, Goldman said Monday.