VANGUARD BUYS ALTRUIST FOR $4.6B

Altruist provides cloud-based software used by wealth managers and independent financial advisors to manage client portfolios and operations. The California-based startup raised $600 million in funding before this acquisition. The purchase represents Vanguard's continued investment in digital infrastructure for financial advisors. Vanguard, a major player in asset management and financial services, has previously invested in RIA technology platforms to support independent advisors who manage client assets. Altruist's valuation nearly doubled within months, reflecting strong investor demand for fintech solutions serving the wealth management sector. The deal's completion remains subject to customary closing conditions. The acquisition expands Vanguard's ecosystem of tools for advisors while giving Altruist resources from one of the world's largest investment managers.