Goldman Sachs to buy Neos Investments for up to $2.25 billion in ETF market push
A cash-and-equity deal worth as much as $2.25 billion would bring Westport, Connecticut-based Neos Investments into Goldman Sachs (GS), adding roughly $32 billion in assets and nearly two dozen options-based income ETFs to the bank's existing lineup. Completion would lift Goldman's total ETF platform to about $130 billion. Regulatory clearance and a definitive agreement are the next milestones to track.
Key takeaways
- Goldman Sachs is acquiring Westport, Connecticut-based Neos Investments in a cash-and-equity deal worth up to $2.25 billion.
- The acquisition adds roughly $32 billion in assets and nearly two dozen options-based income ETFs, lifting Goldman's total ETF platform to about $130 billion.
- Neos, founded in 2022, offers options-based income strategies packaged in ETFs, giving retail investors access to derivatives strategies typically reserved for institutions.
- This is Goldman's second large ETF acquisition in under a year, following its $2 billion purchase of Innovator Capital Management late last year.
- Regulatory clearance and a definitive agreement are the remaining steps before the deal can close, and Goldman has not announced a closing date.
A cash-and-equity deal worth as much as $2.25 billion would bring Westport, Connecticut-based Neos Investments into Goldman Sachs (GS), adding roughly $32 billion in assets and nearly two dozen options-based income ETFs to the bank's existing lineup. Completion would lift Goldman's total ETF platform to about $130 billion. Regulatory clearance and a definitive agreement are the next milestones to track.
What Goldman is paying for
Neos launched in 2022 and drew inflows through options-based income strategies packaged inside the ETF wrapper. Several flagship funds posted double-digit returns paid out monthly. The firm also marketed favorable tax treatment as a mechanism for improving after-tax returns.
The pitch was giving retail investors access to derivatives strategies typically reserved for institutions. The seller is a firm barely four years old. The buyer held more than $4 trillion in assets under supervision at the end of the second quarter.
Marc Nachmann, who runs Goldman's asset and wealth management arm, said Neos has been on "a tremendous growth trajectory" and described active ETFs as "a fast growing space in the asset-management business." His division reported assets up more than $700 billion from a year earlier, with revenue rising 20% over the same period.
A second large ETF acquisition in under a year
Goldman acquired Innovator Capital Management late last year for $2 billion. Innovator's book centered on defined-outcome ETFs. Neos adds the options-income category. Goldman has now run two sizable acquisitions in roughly a year, targeting distinct segments of the active ETF market.
Troy Cates and Garrett Paolella, Neos's co-founders, will join Goldman Sachs Asset Management as partners after close. The full Neos team is expected to follow. Goldman's top executives have publicly stated the firm remains open to further acquisitions, with particular interest in private markets where it competes against Blackstone and KKR.
What to watch
Regulatory filings and a definitive agreement are the remaining formal steps before the deal can close. The transaction is valued at up to $2.25 billion in cash and equity. Goldman has not announced a closing date.
Related reading
Filed by the newsroom of MarketPR on August 12, 2026. Source: finance.yahoo.com. Indicative figures are not investment advice.