Goldman Sachs said on Monday that it is going to acquire Innovator Capital Management for about $2bn, in a move to strengthen its asset management division. A specialist in defined-outcome ETFs, Innovator managed $28bn in assets across 159 funds as of September 30. These products use options to deliver bounded returns or partial protection against market downturns, meeting growing demand for calibrated investments in periods of uncertainty.
The deal, which is expected to close in Q2 2026, marks a further step in Goldman Sachs's strategy to refocus on asset and wealth management, at the expense of its retail-banking ambitions. The banking group is thereby strengthening its presence in the dynamic market for active ETFs, described by chief executive David Solomon as "one of the most promising segments" of the listed-funds industry.
The acquisition is part of a series of strategic initiatives launched by the bank in recent months. In September, Goldman Sachs invested $1bn in T. Rowe Price, followed the next month by the purchase of Industry Ventures, a firm specializing in venture capital. Integrating Innovator's 60 employees into the Asset Management division will expand the range of differentiated solutions, in response to changing expectations amongst both retail and institutional investors.
