Vanguard snaps up US wealthtech platform Altruist

Deal values Altruist at $4bn, reports suggest

Sophia Panayi
clock • 3 min read

Vanguard is acquiring US-based wealthtech platform Altruist, the business that sent wealth stocks tumbling in its home market and the UK earlier this year on the launch of its artificial intelligence tax planning tool Hazel.

Following the deal's close, Altruist is expected to operate as a standalone business, retaining its leadership, brand, adviser focus, and operating model under Vanguard's ownership. This structure is intended to preserve the speed, entrepreneurial culture, and proximity to advisers, while giving the company greater resources to invest and innovate, Altruist said. Meanwhile Vanguard will gain direct access to Altruist's technology and adviser platform. Terms of the transaction were not disclosed although the Wall Street Journal, citing people familiar with the matter, reported that ...

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Sophia Panayi
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Sophia Panayi

Senior reporter at Professional Adviser

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