Aug 26 : Vanguard Group said on Wednesday it would acquire fintech platform Altruist, giving the asset manager greater access to independent financial advisers and expanding its wealth-management capabilities.Here are some more details:• While the terms of the deal were not disclosed, the Wall Street Journal said the transaction was worth roughly $4 billion, citing people familiar with the matter.• Founded in 2018, Altruist is a wealth-management technology platform used by independent financial advisers. It is a competitor to Charles Schwab and Fidelity's custody businesses.
• "As more investors in Vanguard funds choose to work with financial advisors, we see a significant opportunity to build on the strengths of two highly complementary organizations to help advisors serve clients more effectively," said Salim Ramji, CEO of Vanguard.• The deal aligns with Ramji's strategy of expanding Vanguard's advice and wealth-management business as asset managers push further into serving affluent clients.• Vanguard, which managed about $12 trillion in assets as of March 31, also acquired wealth-management technology provider Just Invest in 2021.• Following the deal's close, Altruist will continue to run as a separate business under Vanguard's ownership.• The transaction is expected to close later this year.
