Vanguard Group will acquire wealth-management technology platform Altruist for approximately $4 billion, according to people familiar with the matter and a report by The Wall Street Journal. Neither Vanguard nor Altruist disclosed the financial terms of the agreement, which was announced on Wednesday.
Altruist, founded in 2018, provides technology infrastructure to independent financial advisers, competing directly with custody and advisory platforms operated by rivals such as Charles Schwab and Fidelity. The deal aligns with Vanguard’s strategy to expand its advice and wealth-management capabilities amid growing demand from affluent investors.
Vanguard, which managed roughly $12 trillion in assets as of March 31, has pursued a series of acquisitions to bolster its technology stack in the wealth-management space. In 2021, the firm acquired Just Invest, a provider of automated investment solutions, as part of a broader push to integrate technology with advisory services.
Salim Ramji, Vanguard’s chief executive officer, stated that the acquisition aims to leverage the complementary strengths of both organizations to better serve financial advisers and their clients. The deal reflects a broader industry trend in which asset managers increasingly focus on high-net-worth individuals and the technology platforms that support them.
The transaction remains subject to regulatory approvals and customary closing conditions.
