Goldman Sachs said it will acquire Innovator Capital Management for about $2 billion, which marks one of its largest moves this year to expand its asset and wealth management division. Innovator, a specialist in defined-outcome ETFs, oversaw $28 billion across 159 funds as of late September. The bank expects the deal to close in the second quarter of 2026.
Defined-outcome ETFs use options-based structures to limit downside risk or provide targeted performance ranges over specific periods. The transaction gives Goldman a broader foothold in a rapidly growing segment of the ETF market, adding a suite of products that have drawn interest from institutional allocators seeking structured exposures.
The acquisition follows a series of steps by Goldman to deepen its asset management capabilities after scaling back its consumer banking strategy. Recent moves include a $1 billion investment commitment to T. Rowe Price and the purchase of Industry Ventures. Once completed, Innovator’s workforce of more than 60 employees will join Goldman’s asset management division.
