Goldman Sachs has signed an agreement to acquire Innovator Capital Management, a provider of defined outcome exchange-traded funds (ETFs), in a transaction worth around $2bn.
Innovator currently manages 159 defined outcome ETFs.
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Goldman Sachs Asset Management will add $28bn in assets under supervision (AUS) from Innovator, enhancing its range of custom portfolio solutions and active ETF offerings.
The transaction is anticipated to conclude in the second quarter of 2026 pending regulatory approval and customary conditions.
Innovator and Goldman Sachs Asset Management manage over 215 ETF strategies worldwide as of 30 September 2025, with over $75bn in total AUS.
Goldman Sachs chairman and CEO David Solomon said: “By acquiring Innovator, Goldman Sachs will expand access to modern, world-class investment products for investor portfolios.
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By GlobalData“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.”
As part of the acquisition, Innovator’s leadership team will join Goldman Sachs Asset Management.
This includes co-founder and CEO Bruce Bond, co-founder and president John Southard, executive vice president and chief investment officer Graham Day, and senior vice president and distribution head Trevor Terrell.
In addition, more than 60 employees from Innovator are expected to join Goldman Sachs Asset Management’s third-party wealth and ETF teams.
The business will operate as a wholly owned unit of Goldman Sachs Asset Management, with the same investment management and service providers.
Goldman Sachs Global Banking and Markets served as financial advisor, while Wachtell, Lipton, Rosen & Katz and Willkie Farr & Gallagher provided legal counsel to Goldman Sachs.
Oppenheimer & Co served as financial advisor and Vedder Price as legal counsel to Innovator on this transaction.
Goldman Sachs also reportedly announced the expansion of its Birmingham office with the addition of 500 new roles over the coming years.
