Goldman Sachs has completed its roughly $2 billion acquisition of Innovator Capital Management, the pioneer of defined-outcome ETFs. The deal, announced in December 2025 and closed on April 2, 2026, brought approximately $31 billion in assets under supervision and 171 ETFs into Goldman Sachs Asset Management. The firm now manages around 240 ETFs globally, up from 50 products representing $51.4 billion in U.S. assets. This acquisition positions Goldman as a major player in the defined-outcome ETF segment, which combines the transparency and liquidity of an ETF with the risk-managed payoff profiles traditionally associated with structured notes sold by private banks.
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