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A slice of the fund market Wall Street calls "boomer candy" is now large enough to draw acquisitions from the biggest banks.
Goldman Sachs said Wednesday it agreed to buy Neos Investments, an exchange-traded fund manager, adding the firm to its asset-management business.
An exchange-traded fund, or ETF, pools a basket of assets into a single security that trades on an exchange throughout the day, the same way an individual stock does.
The acquisition Goldman Sachs is buying Neos Investments and folding it into an asset-management operation it has publicly described as fast-growing. Financial terms were not disclosed in Wednesday's announcement.
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