Goldman Sachs Group, Inc. (NYSE:GS) agreed on Monday to acquire Innovator Capital Management for approximately $2.0 billion. The company expects to pay the amount in cash and equity.
Details
The deal is expected to close in the second quarter of 2026, pending regulatory approvals and customary closing conditions.
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The acquisition is projected to accelerate its expansion into one of the fastest-growing segments of active ETFs, adding a strong lineup of income, buffer, and growth-focused strategies. It also supports GSAM's strategy to strengthen its leadership in innovative investment solutions, delivering strong performance and client service across Direct Indexing, separately managed accounts, G-Series evergreen funds, and active ETFs.
Industry Data
Global active ETF assets have reached $1.6 trillion, growing at a 47% CAGR since 2020, as investors increasingly turn to ETFs for market access.
Defined outcome ETFs, which have grown at a 66% CAGR since 2020, are a key driver of this growth, offering structured, accessible strategies that allow investors to tailor portfolios to specific risk and performance objectives.
The acquisition will broaden Goldman Sachs Asset Management's (GSAM's) ETF portfolio.
As of September 30, 2025, GSAM and Innovator oversee more than 215 ETF strategies globally, with over $75 billion in total AUM, positioning GSAM among the top ten active ETF providers.
The deal will contribute $28 billion in assets under supervision (AUS) to Goldman Sachs Asset Management, enhancing its suite of custom portfolio solutions and active ETF offerings.
Management Commentary
"We are excited to deliver world-class investment solutions to clients within the ETF framework and expand our business in this high-growth, sector-leading category,” stated Bruce Bond, CEO of Innovator. “These synergies, among numerous others, make Goldman Sachs an ideal partner for us."
As of September 30, cash and cash equivalents stood at $169 million.
Price Action: GS shares are down 0.37% at $823.30 at the last check on Monday.
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