Vanguard Group has agreed to acquire Altruist, a wealth-management technology platform serving independent financial advisers, in a deal reportedly worth roughly $4 billion, according to The Wall Street Journal, which cited people familiar with the matter. The financial terms have not been publicly disclosed.
Founded in 2018, Altruist provides technology and custody services to independent financial advisers and competes with the custody businesses of Charles Schwab and Fidelity.
Vanguard CEO Salim Ramji said the acquisition will help the company build on the strengths of both businesses and enable advisers to serve clients more effectively as more Vanguard investors seek professional financial advice.
The transaction fits Ramji’s broader strategy of expanding Vanguard’s advice and wealth-management operations, particularly as major asset managers seek stronger positions in serving affluent clients.
Vanguard managed approximately $12 trillion in assets as of March 31. The company also expanded its wealth-management technology capabilities through its 2021 acquisition of Just Invest.
Following completion of the transaction, Altruist is expected to continue operating as a separate business under Vanguard’s ownership. The deal is expected to close later in 2026, subject to customary closing conditions and regulatory approvals.
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