David Solomon, CEO of Goldman Sachs.
Bloomberg | Bloomberg | fake images
Goldman Sachs on Monday said it agreed to buy Innovator Capital Management, a provider of defined outcome ETFs, for about $2 billion in its latest deal to bolster the firm's asset management division.
Goldman said the acquisition, which is expected to close in the second quarter of 2026, will boost its ETF offerings in a fast-growing corner of the investing world.
Defined outcome ETFs use contracts that include options to cushion downside risks or offer specific gains over specified time periods. Innovator had $28 billion in assets under supervision across 159 ETFs as of Sept. 30.
“Active ETFs are dynamic, transformative, and one of the fastest-growing segments in today's public investment landscape,” Goldman CEO David Solomon said in a press release announcing the deal. “With the acquisition of Innovator, Goldman Sachs will expand access to modern, world-class investment products.”
Goldman Sachs, which has made asset and wealth management a priority since moving away from the consumer banking push, has made a number of deals in the sector this year. In September, Goldman said it would invest $1 billion in T. Rowe Priceand the following month, the bank said it had acquired venture capital investor Industry Ventures to bolster its alternative investments platform.
Goldman said Monday that once the deal closes, Innovator's more than 60 employees will join the bank's asset management division.
