Goldman Sachs Acquires Active ETF Manager Innovator Capital
Goldman Sachs announced on December 1 (local time) that it has agreed to acquire Innovator Capital Management, an active exchange-traded fund (ETF) manager, for $2 billion (approximately 2.9 trillion won).
Innovator is a well-known ETF manager famous for its "buffer fund" products, which use derivatives such as options to limit some gains during rising markets in exchange for protecting against losses during downturns. Its total assets under management amount to approximately $28 billion. According to the Wall Street Journal (WSJ), buffer fund products have recently gained popularity among American retirees, amid growing concerns about overvaluation in the New York stock market.
Goldman Sachs explained that, with the acquisition of Innovator, its total active ETF assets under management reached $75 billion as of the end of September, making it one of the top 10 active ETF providers.
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In the past, ETFs were primarily index fund products that tracked stock index performance. However, following regulatory easing, actively managed funds-where fund managers actively seek excess returns-have been growing rapidly.
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