December 1, 2025
Goldman Sachs Announces Agreement to Acquire Innovator Capital Management 

Today, Goldman Sachs announced that we have entered into an agreement to acquire Innovator Capital Management, a pioneer of defined outcome ETFs.  The firm’s acquisition of Innovator will significantly expand Goldman Sachs Asset Management’s product offerings for institutional and individual investors in one of the fastest-growing segments in today’s public investing landscape.

Innovator’s reputation for innovation and leadership in defined outcome solutions complements our mission to enhance the client experience with sophisticated strategies that seek to deliver targeted, defined outcomes for investors.  The company managed $28 billion of AUS across 159 defined outcome ETFs as of September 30, with capabilities to drive outcomes for clients across income, targeted buffer, and growth strategies.  

Today’s announcement further solidifies the firm’s position as a top active ETF provider as we continue to deliver world-class investment solutions to our clients in innovative and growing investment categories.  These comprehensive solutions include being an industry leader in Direct Indexing and separately managed accounts, access to alternative investment strategies through our G-Series evergreen funds and active ETFs. 

In conjunction with the acquisition, Innovator's Bruce Bond, co-founder and CEO, 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.  Innovator employees will join our Third-Party Wealth Management and ETF teams.  

The transaction is expected to close in the second quarter of 2026, subject to regulatory approval and conditions.  For more information about Goldman Sachs Asset Management and Innovator’s AUS and performance, see the press release.

Please join me in welcoming the Innovator team to Goldman Sachs.

November 25, 2025
Matthew Armas to Leave Goldman Sachs

After more than 21 years of distinguished service, Matthew Armas, a partner in the Client Solutions Group within Goldman Sachs Asset Management, will leave the firm. 

Matthew has held several leadership roles at the firm, making a significant impact on our business and clients. Prior to assuming his current responsibilities, he served as head of the Insurance business in EMEA, global head of Insurance Fixed Income Portfolio Management, co-head of the Global Investment Grade Corporate Credit team, and portfolio manager for the investment grade corporate exposures in global corporate and multi-asset class fixed income portfolios. 

Matthew has also served as a mentor and friend to many of our people over the years.

Matthew joined the firm in 2004, and was named managing director in 2013 and partner in 2024.

Please join me in thanking Matthew for his contributions to the firm, and in wishing him and his family the best in years ahead. 

November 17, 2025
Dinesh Gupta to Leave Goldman Sachs

After 29 years of distinguished service, Dinesh Gupta, global head of Business and Transactional Services Engineering, will leave the firm.

Dinesh has been instrumental in his current role, leading the Business and Transactional Services Engineering team for Asset & Wealth Management's order management trading platform, digitization and workflow technologies, and Consolidated Trade Ledger. He spearheaded the consolidation of the firm’s front, middle, and back-office trading systems into a unified cloud-based platform, and his strategic focus on deploying digitization and workflow technologies across the firm has greatly enhanced our infrastructure and processing capabilities.

Dinesh previously served as head of Business Platform Engineering and Artificial Intelligence, and as head of Core Architecture Technology within the Consumer and Investment Management Division. Earlier in his career, he co-managed Global Database Technology.

Dinesh is a member of the Firmwide Technology Risk Committee. He joined Goldman Sachs in 1996 as a data engineer in the Database Group, was recognized as a Technology Fellow in 2004, and was named managing director in 2012 and partner in 2022.

Throughout his tenure, Dinesh has been dedicated to our culture and people, and helped recruit, develop and mentor many colleagues across the firm. He has also helped advance a number of Goldman Sachs’ inclusion and diversity initiatives in his roles as a co-sponsor of Engineering Asian Network and before that as co-head of the network.

Please join us in thanking Dinesh for his dedication and many contributions to the firm. We wish him and his family the very best in their future endeavors.