WASHINGTON (dpa-AFX) - Vanguard Group said Wednesday it has agreed to acquire Altruist, an AI-focused wealth-management technology and custody platform, as the asset manager looks to expand its reach among independent financial advisers and strengthen its wealth-management business.
The financial terms were not disclosed, but the Wall Street Journal reported that the deal is valued at roughly $4 billion, citing people familiar with the matter. Founded in 2018, Altruist provides independent advisers with technology for account opening, trading, portfolio management, billing and reporting, and competes with the custody businesses of Charles Schwab and Fidelity.
Vanguard CEO Salim Ramji said the acquisition will allow the two companies to combine their strengths and help advisers serve more clients. Vanguard, which managed about $12 trillion in assets as of March 31, first invested in Altruist in 2020 and previously acquired wealth-management technology provider Just Invest in 2021.
Following completion, Altruist will operate as a standalone business under Vanguard, retaining its leadership, brand and operating model. The transaction is expected to close later this year, subject to customary conditions and regulatory approvals.
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