A PYMNTS Company

Goldman Strikes $2 Billion Deal to Acquire Innovator Capital

By  |  December 1, 2025

Goldman Sachs is moving deeper into the fast-growing exchange-traded fund market with an agreement to acquire Innovator Capital Management for roughly $2 billion, according to CNBC. The deal marks the latest step in the bank’s push to strengthen its asset management operations following a strategic shift away from consumer banking.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Per CNBC, the transaction is expected to close in the second quarter of 2026. Goldman said its takeover of Innovator — known for its suite of defined-outcome ETFs — will widen its presence in a niche area of the industry that uses structured contracts like options to target gains or cushion losses within specific time frames.

    Innovator managed about $28 billion across 159 ETFs as of Sept. 30, according to CNBC. The Chicago-based firm has been a key player in the expansion of defined-outcome products as retail and institutional investors seek more tailored risk strategies.

    Related: Google Faces DOJ Antitrust Trial, Publishers Watch Closely for Impact on Ad Market

    “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 news release announcing the acquisition. “By acquiring Innovator, Goldman Sachs will expand access to modern, world-class investment products.”

    The move comes during an active year for the Wall Street giant’s asset management dealmaking. Per CNBC, Goldman in September committed $1 billion to T. Rowe Price and followed that up in October with the purchase of Industry Ventures, adding to its alternative investments offerings.

    Once the Innovator deal is finalized, more than 60 employees from the firm will transition to Goldman’s asset management division, according to CNBC, further integrating the ETF provider into its broader investment platform.

    Source: CNBC