Goldmans Sachs Newly-Acquired $28 Billion ETF Manager Innovator Capital Management Co-Founder John Southard & Wife (Julie Southard) Buy Italy Naples Waterfront House for $55 Million from United States Chicago Private Equity Firm GTCR Co-CEO Collin Edward Roche & Wife Joanna Roche
20th January | Hong Kong
Goldman Sachs newly-acquired $28 billion ETF manager Innovator Capital Management co-founder John Southard & his wife (Julie Southard) have bought a Italy Naples waterfront house for $55 million from United States Chicago private equity firm GTCR Co-CEO Collin Edward Roche & his wife Joanna Roche. In 2025 December, Goldman Sachs announced to buy $28 billion ETF manager Innovator Capital Management for $2 billion in cash & equity deal to expand Goldman Sachs Asset Management ($3.5 trillion AUM) custom portfolio solutions & active ETF capabilities with combined 215 ETF strategies & $75 billion AUS (Assets under Supervision). Innovator Capital Management was founded in 2017 by Bruce Bond & John Southard. Announcement (1/12/25): “The Goldman Sachs Group, Inc. “Goldman Sachs” (NYSE: GS) today announced it has entered into an agreement to acquire Innovator Capital Management (Innovator), a pioneer of defined outcome ETFs. Innovator manages $28 billion of AUS across 159 defined outcome ETFs as of September 30, 2025, with capabilities to drive outcomes for clients across income, targeted buffer, and growth 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. Global active ETF assets under management (AUM) are at $1.6 trillion, growing at a 47% compound annual growth rate (CAGR) since 2020 as investors increasingly access public markets through the ETF wrapper. Having grown at 66% CAGR since 20203, defined outcome ETFs are a key component of the rapidly growing active ETF market, driven by the objective to deliver innovative structured strategies in accessible formats. Investors are increasingly using defined outcome ETFs to add a broad and customizable range of objectives to their portfolios that meet their risk control needs and performance objectives. Defined outcome ETFs utilize derivatives and options-based strategies that seek to offer specific objectives such as principal downside protection, yield enhancement, and defined outcomes if invested for the full outcome period, allowing investors to build and customize portfolios through the tax-efficient ETF wrapper. 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. 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 firm delivers sophisticated strategies to investors as an industry leader in Direct Indexing and separately managed accounts, and through access to alternative investment strategies through its G-Series evergreen funds and active ETFs. 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. 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. The acquisition strategically expands the firm’s more durable revenue and reinforces its commitment to offering institutional and individual investors comprehensive solutions. 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. Goldman Sachs was advised by Goldman Sachs Global Banking and Markets as financial advisor and Wachtell, Lipton, Rosen & Katz and Willkie Farr & Gallagher LLP as legal counsel. Innovator was advised by Oppenheimer & Co, Inc. as financial advisor and Vedder Price as legal counsel.”
“ Goldmans Sachs Newly-Acquired $28 Billion ETF Manager Innovator Capital Management Co-Founder John Southard & Wife (Julie Southard) Buy Italy Naples Waterfront House for $55 Million from United States Chicago Private Equity Firm GTCR Co-CEO Collin Edward Roche & Wife Joanna Roche “
![](https://www.caproasia.com/wp-content/uploads/2025/08/Air-Charter-Service-728x90-1.png")
Goldmans Sachs Newly-Acquired $28 Billion ETF Manager Innovator Capital Management Co-Founder John Southard & Wife (Julie Southard) Buy Italy Naples Waterfront House for $55 Million from United States Chicago Private Equity Firm GTCR Co-CEO Collin Edward Roche & Wife Joanna Roche
Caproasia Users
- Manage $20 million to $30 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2026 Investment Day
- March - Hong Kong
- March - Singapore
- April - Hong Kong
- April - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
