Vanguard Agrees to Acquire Altruist for $4 Billion

The Vanguard Group has entered into a definitive agreement to acquire Altruist, an AI-forward wealth technology and custody platform. While financial terms were not officially disclosed, reports value the transaction at approximately $4 billion. The deal is expected to close later this year, after which Altruist will operate as a standalone business, retaining its existing brand, leadership, and operating model.

Chief Executive Salim Ramji is leading the acquisition as part of a broader strategy to move Vanguard beyond its traditional low-fee funds and into expanded financial advice and wealth-management services. Altruist, founded in 2018, provides custodial and administrative software to registered investment advisors and competes with major firms such as Fidelity Investments and Charles Schwab. Vanguard has maintained a minority investment in Altruist since 2020.

Ramji stated that technology can help advisors serve more people while preserving human judgment. Altruist founder Jason Wenk agreed to the acquisition to increase the company's speed and reach.