Vanguard Group said it has agreed to acquire Altruist, an artificial-intelligence-driven wealth technology and custody platform serving registered investment advisors, in a deal expected to close later this year.
The acquisition will leave Altruist operating as a standalone business under Vanguard ownership, retaining its leadership, brand, advisor focus and distinct operating model. Financial terms were not disclosed.
Vanguard first invested in Altruist in 2020 to promote competition in the RIA custody space, improve access to financial advice and enhance investor outcomes. The asset manager said the deal builds on that strategy by leveraging Altruist’s technology to help advisors serve more clients without compromising personalized service.
Salim Ramji, Vanguard’s chief executive officer, said many investors in Vanguard funds rely on financial advisors, yet industry capacity remains constrained. “Technology can help close that gap by enabling advisors to serve more people and serve them better, while preserving the human judgment and relationships at the center of good financial advice,” he said.
Jason Wenk, Altruist’s founder and CEO, said Vanguard’s investment expertise and resources will allow the company to accelerate its mission. The transaction remains subject to customary closing conditions and regulatory approvals.
