Vanguard Group acquires Altruist
Acquisition Provisional 75% confidence first seen
Vanguard Group agreed to acquire Altruist, a wealth technology and custody platform for independent financial advisers, in a deal valued at about $4 billion (with one report citing a $4.6 billion cash price). The transaction is intended to make Altruist a standalone business while expanding Vanguard’s footprint in the independent RIA custody market, giving Vanguard direct access to about 6,500 financial advisors and allowing Altruist’s leadership and brand to continue post-close. The deal is positioned as Vanguard’s aggressive entry into the RIA custody space amid competitive pressures from firms like Schwab and Fidelity.