Vanguard to acquire Altruist

Vanguard has entered into an agreement to acquire Altruist, a wealth technology and custody platform that serves financial advisors. The deal will give Vanguard, which manages around $12 trillion in assets, a larger presence in the independent financial advice sector.

Altruist provides a custody and technology platform and competes with businesses run by Charles Schwab and Fidelity. Vanguard's CEO, Salim Ramji, said the acquisition will help the company build on the strengths of both organisations to support advisors in serving their clients more effectively.

The financial terms of the deal were not disclosed by Vanguard, although The Wall Street Journal reported it to be approximately $4 billion, according to people familiar with the matter. This acquisition follows Vanguard's purchase of wealth-management technology provider Just Invest in 2021 and is part of Ramji's plan to grow Vanguard's advice and wealth-management operations.

Brief written by urgent.news from Finextra, Quartz, Investing.com — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.