This Monday, the global financial services firm, Goldman Sachs, announced the purchase of Innovator Capital Management, an ETF provider, in a deal worth approximately $2 billion.

In this regard, David Solomon, CEO of Goldman, stated in a press release that “with the acquisition of Innovator, Goldman Sachs will expand the “Access to modern, top-tier investment products,” he said. According to Solomon, the deal is expected to close in the second quarter of next year, with the aim of boosting ETF offerings. “Active ETFs are dynamic, transformative, and one of the fastest-growing segments in today's public investment landscape,” commented the Goldman Sachs CEO. Since exiting consumer banking, Goldman Sachs has been prioritizing asset and wealth management, in addition to a $1 billion investment in T. Rowe Price and the acquisition of venture capital firm Industry Ventures to strengthen its alternative investment platform. Therefore, the acquisition of Innovator is a sound investment, as it has over $28 billion in assets under management across 159 ETFs, and with this agreement, its more than 60 employees are expected to join the bank's asset management division.