Vanguard is moving deeper into wealth management infrastructure with its planned acquisition of Altruist, a U.S.-based custodian and technology platform for registered investment advisors, the firms announced Wednesday.
The deal would give the US$12-trillion asset manager ownership of a platform used by more than 6,000 independent advisors for custody, trading, portfolio management, billing and reporting.
As more Vanguard fund investors choose to work with financial advisors, it sees an opportunity to combine its investment capabilities with Altruist’s advisor technology, Salim Ramji, CEO of Vanguard, said in a statement.
“Vanguard will benefit from the ability to get closer to independent advisors and their clients, as well as from direct access to Altruist’s innovative technology and advisor platform,” the asset manager said in a release.
Vanguard has also been expanding its offerings for financial advisors. Earlier this month, it introduced customizable versions of select model portfolios. The firm reports more than US$44.5 billion in model-portfolio assets and 11 model portfolio offerings.
Vanguard models are already available through Altruist’s model marketplace, which offers more than 500 models from third-party managers. In 2025, Vanguard ranked fifth among managers by assets under management on the marketplace, behind Altruist, BlackRock, Potomac and Zacks Investment Management.
Vanguard first invested in Altruist in 2020. The acquisition will give Altruist greater access to Vanguard’s investment expertise and industry reach, helping it scale operations, Altruist said in an email.
Following the transaction, Altruist is expected to retain its leadership, brand, advisor focus and operating model and operate as a standalone Vanguard business. Terms of the deal were not disclosed, and the transaction is expected to close later this year, subject to regulatory approvals.
Vanguard and Altruist did not make spokespeople available for an interview.