Investment Banking
Exclusive Financial Advisor to Innovator on its Announced Sale to Goldman Sachs
December 01, 2025
On December 1, 2025, The Goldman Sachs Group, Inc. “Goldman Sachs” (NYSE: GS) announced it has entered into an agreement to acquire Innovator Capital Management (“Innovator”), a pioneer of defined outcome ETFs. Innovator manages $28 billion of assets under supervision (“AUS”) across 159 defined outcome ETFs as of September 30, 2025, with capabilities to drive outcomes for clients across income, targeted buffer, growth and dual-directional strategies. The transaction will significantly expand Goldman Sachs Asset Management’s ETF lineup and future product roadmap and enhance the firm’s offerings in one of the fastest-growing active ETF categories.
The transaction consideration is expected to be approximately $2.0 billion, payable in a combination of cash and equity, subject to the achievement of certain performance targets. The transaction is expected to close in the second quarter of 2026, subject to regulatory approval and other customary closing conditions.
This acquisition is part of Goldman Sachs Asset Management’s strategy to expand its leadership in innovative and growing investment categories and to deliver attractive investment performance and service to its clients. The partnership strategically expands the firm’s durable revenue and reinforces its commitment to offering institutional and individual investors comprehensive solutions. As of September 30, 2025, Goldman Sachs Asset Management and Innovator manage more than 215 ETF strategies globally, representing over $75 billion in total AUS and positioning Goldman Sachs Asset Management as a top ten active ETF provider.
Innovator‘s Bruce Bond, Co-Founder and Chief Executive Officer; John Southard, Co-Founder and President; Graham Day, Executive Vice President and Chief Investment Officer; and Trevor Terrell, Senior Vice President and Head of Distribution, will join Goldman Sachs Asset Management in leadership roles. The team collectively brings more than seven decades of leadership in transforming the ETF industry as entrepreneurs and pioneers. It is expected that Innovator’s more than 60 employees will join the Goldman Sachs Asset Management Third-Party Wealth (“TPW”) and ETF teams. The business will be wholly owned under Goldman Sachs Asset Management and the investment management and service providers will remain the same.
Read the full press release here.
Financial Institutions Investment Banking
Name:
Gilbert Dychiao
Title:Co-Head of Investment Banking, Head of Financial Institutions Group and Managing Director
Name:
Michael Lynch
Title:Senior Advisor
Name:
Stefan Kuhar
Title:Director
Name:
Leonard Otto
Title:Director
Name:
Daniel Whelan
Title:Associate
Name:
Avery Sahm
Title:Senior Analyst
Name:
Ethan Dubinsky
Title:Analyst
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