Vanguard pays $4.6B for RIA software startup Altruist
Dan PrimackAdd Axios as your preferred source tosee more of our stories on Google.Vanguard CEO Salim Ramji. Photo: Michael Nagle/Bloomberg via Getty ImagesVanguard Group on Wednesday announced an agreement to acquire Altruist, a California-based provider of software for registered investment advisors.No terms were disclosed, but Axios has learned the price was $4.6 billion in cash.Why it matters: Vanguard is seeking to expand deeply into lucrative advisory work — competing with firms like Fideli...
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