Story perspectives

Goldman Sachs to Acquire NEOS in Up-to-$2.25B Deal

8/13/2026

Summary

Goldman Acquires NEOS

Goldman Sachs agreed to acquire NEOS Investments in a cash-and-stock deal worth up to $2.25 billion.
The transaction requires regulatory approval and is slated to close in the first quarter of 2027.
NEOS oversees roughly $30-$32 billion in 19 options-based income ETFs.
The combined platform will exceed $130 billion in ETF assets, making Goldman the eighth-largest manager per Morningstar.
Co-founders Troy Cates and Garrett Paolella will become partners in Goldman Sachs Asset Management.

Summary

Goldman Expands AWM

Jefferies analysts say the deal should boost asset-and-wealth-management revenue as banks lean on asset management amid volatile investment-banking earnings.
Goldman’s lobbying spend reached $1.25 million in Q1 2026 and $640 000 in Q2, focusing on securities rules without mentioning NEOS.
The asset-and-wealth-management unit held over $4 trillion at Q2 2026, providing scale for the deal.
Derivative-income ETFs total about $180 billion, growing at a 70 %+ CAGR since 2021, driving interest in purchases like NEOS.

History

Historical Context

The modern ETF market began with State Street’s SPDR S&P 500 in 1993, followed by Barclays launching iShares in 2000 and expanding aggressively. BlackRock’s 2009-10 purchase of Barclays Global Investors for $13.5 billion gave it control of iShares and cemented its dominance. In 2026 Goldman Sachs agreed to buy NEOS Investments, continuing the consolidation trend that reshapes the high-growth ETF segment.

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Goldman Acquires NEOS

Goldman Sachs agreed to acquire NEOS Investments in a cash-and-stock deal worth up to $2.25 billion.
The transaction requires regulatory approval and is slated to close in the first quarter of 2027.
NEOS oversees roughly $30-$32 billion in 19 options-based income ETFs.
The combined platform will exceed $130 billion in ETF assets, making Goldman the eighth-largest manager per Morningstar.
Co-founders Troy Cates and Garrett Paolella will become partners in Goldman Sachs Asset Management.

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