Goldman Sachs (GS) disclosed plans to acquire Innovator Capital Management, a fast-growing issuer known for its “defined‑outcome” ETFs. The deal is valued at about $2 billion and is expected to close in the second quarter of 2026. This move reflects Goldman’s efforts to strengthen its asset management division. GS stock was down 1.5% on Monday.
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Innovator specializes in defined-outcome ETFs, sometimes called “buffer funds.” These products aim to protect investors from steep losses while capping potential gains, a strategy that is appealing to advisors in volatile markets.
Currently, Innovator oversees $28 billion in assets across 159 ETFs, making it one of the largest players in this market.
Why Is Goldman Buying Innovator?
The acquisition comes as Goldman Sachs Asset Management (GSAM) has been expanding its ETF lineup, as its own buffer ETF offerings have attracted limited investor interest so far. By acquiring Innovator, Goldman instantly boosts its ETF assets under management from $51 billion to $79 billion, making GSAM one of the top 10 active ETF providers.
Goldman CEO David Solomon called the deal a “pivotal milestone” that aligns with the firm’s strategy to expand in innovative investment categories.
Upon the deal’s completion, Innovator’s more than 60 employees, including co-founder and CEO Bruce Bond, will join Goldman’s wealth and ETF teams.
Is GS a Good Stock to Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on Goldman Sachs stock based on six Buys and eight Holds assigned in the past three months, as indicated by the graphic below. Further, the average GS stock price target of $829.54 per share implies 1.97% upside potential.
