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Vanguard Group agreed to acquire Altruist, a custody and wealth technology platform serving independent financial advisers, for roughly $4 billion, the companies announced Wednesday.
The price would represent more than double Altruist's $1.9 billion valuation from an April 2025 funding round, according to the source.
Altruist operates a self-clearing brokerage paired with tools for account opening, trading, portfolio management, billing, and reporting, all aimed at independent registered investment advisers.
The platform competes with Charles Schwab and Fidelity Investments for custody and administrative business in that channel, according to The Wall Street Journal.
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