Goldman Sachs To Acquire ETF Firm Innovator Capital Management For $2 Billion To Strengthen Asset Management

Goldman Sachs announced on Monday that it has reached an agreement to acquire Innovator Capital Management, a specialist in defined‑outcome exchange‑traded funds, for about $2 billion. The bank said the transaction, which is expected to close in the second quarter of 2026, will broaden its ETF capabilities within a fast‑growing segment of the market. Defined‑outcome ETFs use instruments such as options to limit downside exposure or target specific returns over set periods. As of Sept. 30, Innovator oversaw $28 billion in assets across 159 ETFs.

“Active ETFs are dynamic, transformative, and one of the fastest‑growing segments in today’s public investment landscape,” Goldman CEO David Solomon said in the company statement announcing the acquisition. “By acquiring Innovator, Goldman Sachs will expand access to modern, world‑class investment products.”

The deal follows Goldman’s strategic emphasis on asset and wealth management after scaling back its consumer banking ambitions. Earlier this year the firm disclosed a $1 billion investment in T. Rowe Price and completed the acquisition of Industry Ventures to bolster its alternatives platform. Goldman said that, upon closing, Innovator’s workforce of more than 60 employees will be integrated into its asset management division.