Goldman Sachs has agreed to acquire NEOS Investments, a fast-growing provider of options-based income exchange-traded funds, in a deal worth up to $2.25bn. The purchase is the centrepiece of a roll-up of the options-based ETF niche for Goldman Sachs Asset Management. Bolted onto its existing $40bn options-based range and the recently acquired Innovator Capital Management, NEOS lifts the firm to an $80bn active ETF business within a $130bn global ETF platform.

By Morningstar’s reckoning, it enters the ranks of the eight largest active ETF managers.\n\n“As investor demand for active ETFs grows, NEOS’ disciplined investment approach is highly complementary to our capabilities across buffer, managed outcome and income strategies,” said David Solomon, chairman and chief executive of Goldman Sachs. “Together, we will give investors a diverse toolkit for different market environments.” The deal delivers an exit for Aretex Capital, NEOS’s backer.