Vanguard Acquires Wealth Tech Platform Altruist
Vanguard has agreed to acquire Altruist, a wealth technology platform focused on supporting financial advisers through its custody business and advisory tools. The deal is reported to be valued at $4 billion according to the Wall Street Journal, though no official terms were disclosed by either company. Vanguard had previously invested in Altruist in 2020 as part of efforts to enhance competition in the RIA custody market. Altruist will continue operating independently under Vanguard's ownership and retain its leadership team, brand identity, and business model. The acquisition is expected to provide Altruist with greater resources for technological development and expansion within advisory services. Regulatory approvals are required before the transaction can be finalized later this year.
Topics: acquisition Altruist Vanguard wealth technology