Vanguard Group is set to acquire fintech platform Altruist in a deal that will expand the asset manager’s access to independent financial advisers and strengthen its wealth-management business.
The companies announced the agreement on Wednesday. Financial terms were not disclosed, but The Wall Street Journal reported that the transaction is worth roughly $4 billion, citing people familiar with the matter.
Founded in 2018, Altruist provides technology and custody services to independent financial advisers. Its platform competes with the custody businesses of Charles Schwab and Fidelity and is designed to help advisers manage areas including investment accounts and other wealth-management functions.
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The acquisition marks a further push by Vanguard into financial advice and wealth management under CEO Salim Ramji, as large asset managers look to expand beyond traditional investment products and build deeper relationships with individual investors and advisers.
“As more investors in Vanguard funds choose to work with financial advisors, we see a significant opportunity to build on the strengths of two highly complementary organizations to help advisors serve clients more effectively,” Ramji said.
Vanguard managed about $12 trillion in assets as of March 31, according to the company. It previously expanded its wealth-management technology capabilities through its acquisition of Just Invest in 2021.
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Altruist has emerged as a significant player in technology for registered investment advisers, an increasingly important segment of the U.S. wealth-management industry. Its platform is aimed at allowing independent advisers to operate more efficiently and serve a larger number of clients.
The acquisition also gives Vanguard an established technology platform and adviser network as it seeks to expand its presence in financial advice. The company said Altruist will continue to operate as a separate business following the transaction.
The deal is expected to close later this year, subject to customary closing conditions and regulatory approvals.