Vanguard to acquire fintech Altruist for about $4 billion

Vanguard Group, a major asset manager, announced plans to acquire fintech platform Altruist in a deal valued at around $4 billion, according to sources familiar with the transaction. The Wall Street Journal first reported the acquisition. Altruist, founded in 2018, provides wealth-management technology services to independent financial advisors, competing with large players like Charles Schwab and Fidelity.

The acquisition aims to bolster Vanguard's advisory services and wealth management operations as the firm seeks to cater more to affluent clients. As of March 31, Vanguard managed about $12 trillion in assets. This acquisition is Vanguard's second in the wealth-management technology sector, following a $1 billion deal to acquire Just Invest in 2021.