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Goldman's IG Deal Expands Canadian Wealth Reach & AWM Scale
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Key Takeaways
GS will manage five IG Wealth Portfolios, offering diversified strategies across major asset classes.
GS is expanding AWM through partnerships and acquisitions, including Innovator, NEOS and LCN Capital Partners.
NEOS, Innovator and existing operations are expected to create a $130-billion global ETF platform.
In sync with its broader effort to scale Asset & Wealth Management (“AWM”) and increase the contribution of recurring, fee-based revenues, The Goldman Sachs Group, Inc. (GS - Free Report) entered a strategic collaboration with IG Wealth Management to expand its presence in the Canadian wealth-management market.
Under the agreement, Goldman Sachs Asset Management’s multi-asset solutions team will assume portfolio-management responsibilities for five IG Strategic Wealth Portfolios. The portfolios provide Canadian investors exposure to diversified strategies spanning equities, fixed income and alternatives.
Over the past several years, Goldman has been focused on building a larger, capital-light AWM franchise and reducing its dependence on more volatile, balance-sheet-intensive revenues. wealth management, alternatives and solutions have been identified as three major growth opportunities within AWM. Management and other fees, together with private banking and lending revenues, saw a compound annual rate of 12% from 2021 through 2025, with the rising trend continuing in the first half of 2026, highlighting the increasing importance of durable revenues to Goldman’s earnings mix.
Goldman has supported this strategy through partnerships and targeted acquisitions. In September 2025, it partnered with T. Rowe Price (TROW - Free Report) to develop public-private investment solutions for wealth and retirement clients. Goldman also acquired Innovator Capital Management in April 2026, adding about $31 billion in assets under supervision and strengthening its defined-outcome ETF capabilities. In August 2026, it agreed to acquire NEOS Investments, which manages roughly $30 billion. Together, NEOS, Innovator and Goldman’s existing operations are expected to create a $130-billion global ETF platform, expanding its reach among advisors and wealth-management clients.
GS entered an agreement in August 2026 to acquire LCN Capital Partners, adding a specialist investment platform focused on sale-leaseback, build-to-suit and triple-net-lease real estate investments. Collectively, these moves demonstrate Goldman’s strategy of adding differentiated investment capabilities that can attract third-party assets and generate recurring management fees.
Overall, the IG Wealth Management collaboration underscores Goldman’s continued focus on scaling AWM and building a more durable revenue base. Alongside the T. Rowe Price partnership and the Innovator, NEOS and LCN transactions, the latest collaboration strengthens GS’s third-party distribution capabilities and broadens its addressable wealth-management market. Over time, successful expansion of these relationships should support recurring fee growth, improve the quality of Goldman’s revenue mix and further advance its transition toward a more capital-light business model.
Goldman’s Competitive Landscape?
Two close peers of GS are JPMorgan (JPM - Free Report) and Morgan Stanley (MS - Free Report) , which are also making efforts to expand their AWM businesses.
JPMorgan’s AWM segment is a steadier, fee-led profit engine inside the bank, spanning asset management and the private bank. For the first half of 2026, the segment’s revenues rose 15% from the year-ago period. As of June 30, 2026, JPMorgan’s assets under management were $5.14 trillion, up 18% year over year, while client assets increased 19% to $7.66 trillion.
Morgan Stanley’s AWM push is more than a diversification story. For the first half, Wealth Management revenues and Investment Management revenues were $20.6 billion, nearly half of Morgan Stanley’s $41.9 billion in firmwide net revenues. As of June 30, 2026, total client assets across Wealth Management were $8.08 trillion, while assets under management or supervision reached $2 trillion under the Investment Management division.
Goldman’s Price Performance & Zacks Rank
GS shares have jumped 37.3% in the past year compared with the industry’s growth of 24.2%.
View the Zacks #1 Rank List
Image: Bigstock
Goldman's IG Deal Expands Canadian Wealth Reach & AWM Scale
Key Takeaways
In sync with its broader effort to scale Asset & Wealth Management (“AWM”) and increase the contribution of recurring, fee-based revenues, The Goldman Sachs Group, Inc. (GS - Free Report) entered a strategic collaboration with IG Wealth Management to expand its presence in the Canadian wealth-management market.
Under the agreement, Goldman Sachs Asset Management’s multi-asset solutions team will assume portfolio-management responsibilities for five IG Strategic Wealth Portfolios. The portfolios provide Canadian investors exposure to diversified strategies spanning equities, fixed income and alternatives.
Over the past several years, Goldman has been focused on building a larger, capital-light AWM franchise and reducing its dependence on more volatile, balance-sheet-intensive revenues. wealth management, alternatives and solutions have been identified as three major growth opportunities within AWM. Management and other fees, together with private banking and lending revenues, saw a compound annual rate of 12% from 2021 through 2025, with the rising trend continuing in the first half of 2026, highlighting the increasing importance of durable revenues to Goldman’s earnings mix.
Goldman has supported this strategy through partnerships and targeted acquisitions. In September 2025, it partnered with T. Rowe Price (TROW - Free Report) to develop public-private investment solutions for wealth and retirement clients. Goldman also acquired Innovator Capital Management in April 2026, adding about $31 billion in assets under supervision and strengthening its defined-outcome ETF capabilities. In August 2026, it agreed to acquire NEOS Investments, which manages roughly $30 billion. Together, NEOS, Innovator and Goldman’s existing operations are expected to create a $130-billion global ETF platform, expanding its reach among advisors and wealth-management clients.
GS entered an agreement in August 2026 to acquire LCN Capital Partners, adding a specialist investment platform focused on sale-leaseback, build-to-suit and triple-net-lease real estate investments. Collectively, these moves demonstrate Goldman’s strategy of adding differentiated investment capabilities that can attract third-party assets and generate recurring management fees.
Overall, the IG Wealth Management collaboration underscores Goldman’s continued focus on scaling AWM and building a more durable revenue base. Alongside the T. Rowe Price partnership and the Innovator, NEOS and LCN transactions, the latest collaboration strengthens GS’s third-party distribution capabilities and broadens its addressable wealth-management market. Over time, successful expansion of these relationships should support recurring fee growth, improve the quality of Goldman’s revenue mix and further advance its transition toward a more capital-light business model.
Goldman’s Competitive Landscape?
Two close peers of GS are JPMorgan (JPM - Free Report) and Morgan Stanley (MS - Free Report) , which are also making efforts to expand their AWM businesses.
JPMorgan’s AWM segment is a steadier, fee-led profit engine inside the bank, spanning asset management and the private bank. For the first half of 2026, the segment’s revenues rose 15% from the year-ago period. As of June 30, 2026, JPMorgan’s assets under management were $5.14 trillion, up 18% year over year, while client assets increased 19% to $7.66 trillion.
Morgan Stanley’s AWM push is more than a diversification story. For the first half, Wealth Management revenues and Investment Management revenues were $20.6 billion, nearly half of Morgan Stanley’s $41.9 billion in firmwide net revenues. As of June 30, 2026, total client assets across Wealth Management were $8.08 trillion, while assets under management or supervision reached $2 trillion under the Investment Management division.
Goldman’s Price Performance & Zacks Rank
GS shares have jumped 37.3% in the past year compared with the industry’s growth of 24.2%.
Image Source: Zacks Investment Research
Goldman currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.