Vanguard, the US asset manager, said on 26 August 2026 that it had signed a definitive agreement to acquire Altruist, a custody and wealth technology platform for independent financial advisors. Altruist runs its own brokerage and custody service and sells software that advisors use for trading, portfolio management, billing and reporting.
The companies did not disclose terms. The Wall Street Journal, citing people familiar with the matter, reported that the deal was worth about $4 billion, according to Reuters. Vanguard expects the deal to close later in 2026, subject to regulatory approvals and other customary conditions.
After closing, Altruist will run as a standalone business under Vanguard ownership. It will keep its leadership team, including founder and chief executive Jason Wenk, as well as its brand, its focus on advisors and its own operating model.
What Altruist built
Altruist was founded in 2018, according to Reuters, and set out to compete with the custody businesses of Charles Schwab and Fidelity, which hold client assets for registered investment advisors (RIAs). Its pitch to advisors combines custody with built-in software at lower cost.
In 2024 the company added a high-yield cash account, automated tax management tools and a fully digital fixed-income trading service. When it raised money in April 2025, Altruist said it served more than 4,700 advisors, that its assets under management had tripled for two years in a row and that its revenue, brokerage accounts and number of advisors had all grown by more than 100%. Vanguard now describes the company as an AI-forward platform.
“Altruist was built on the simple belief that when independent advisors have better technology and lower prices, they can do their best work and bring high-quality advice to more people.”
Why Vanguard is buying
Vanguard managed about $12 trillion in assets as of 31 March, according to Reuters. Chief executive Salim Ramji said a growing share of investors in Vanguard funds work with financial advisors, and that far more people could use advice than the industry can currently serve. He said technology can help advisors take on more clients while keeping human judgment at the centre of the relationship.
Owning Altruist gives Vanguard closer contact with independent advisors and their clients, and direct access to Altruist's technology. Vanguard said the deal would give Altruist more capacity to invest in its software and custody services. The asset manager bought another wealth technology provider, Just Invest, in 2021, Reuters noted.
Ramji said Vanguard had come to know Altruist's people and platform over several years as an investor. Vanguard first invested in the startup in 2020, with the aim, it said, of bringing more competition to RIA custody.
Ramji described the two businesses as highly complementary. He said the combination should help advisors serve their clients more effectively and help more investors reach financial security, as more people who hold Vanguard funds turn to advisors for help.
The founders and the funding
Altruist's most recent reported round was a $152 million Series F in April 2025, led by GIC, the Singapore state investor, at a valuation of about $1.9 billion. Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office and ICONIQ Growth also took part.
If the reported $4 billion price is accurate, it would be about twice that valuation. Neither company has confirmed the figure.
Wenk said in the announcement that Altruist was built on the belief that independent advisors with better technology and lower prices can bring high-quality advice to more people, and that Vanguard's resources would let the company pursue that goal faster.
What happens to advisors
Vanguard said the standalone structure is meant to keep Altruist's speed and close relationships with advisors while giving it more money to invest. Neither company announced changes to Altruist's pricing or products.
Reuters reported that the deal supports Vanguard's plan to grow its advice business at a time when asset managers are competing for wealthier clients.
