Goldman Sachs to acquire Innovator Capital Management

The Goldman Sachs (GS) Group announced it has entered into an agreement to acquire Innovator Capital Management, a provider of defined outcome ETFs. Innovator manages $28B of AUS across 159 defined outcome ETFs as of September 30, with capabilities to drive outcomes for clients across income, targeted buffer, and growth strategies. “The transaction will significantly expand Goldman Sachs Asset Management’s ETF lineup and future product roadmap, and enhance the firm’s offerings in one of the fastest-growing active ETF categories,” the bank stated. “Active ETFs are dynamic, transformative, and have been one of the fastest-growing segments in today’s public investment landscape. By acquiring Innovator, Goldman Sachs will expand access to modern, world-class investment products for investor portfolios. Innovator’s reputation for innovation and leadership in defined outcome solutions complements our mission to enhance the client experience with sophisticated strategies that seek to deliver targeted, defined outcomes for investors,” said David Solomon, Chairman and Chief Executive Officer of Goldman Sachs. Goldman stated: “It is expected that Innovator’s more than 60 employees will join the Goldman Sachs Asset Management Third-Party Wealth and ETF teams. The business will be wholly owned under Goldman Sachs Asset Management and the investment management and service providers will remain the same. The acquisition strategically expands the firm’s more durable revenue and reinforces its commitment to offering institutional and individual investors comprehensive solutions. The transaction consideration is expected to be approximately $2.0B, payable in a combination of cash and equity, subject to the achievement of certain performance targets. The transaction is expected to close in the second quarter of 2026, subject to regulatory approval and other customary closing conditions.”