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Vanguard pays $4.6B for RIA software startup Altruist

Dan Primack

Vanguard CEO Salim Ramji. Photo: Michael Nagle/Bloomberg via Getty Images

Vanguard 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 Fidelity and Schwab — despite being best known for its low cost index funds.

By the numbers: Altruist had raised over $600 million in VC funding, most recently at a $1.9 billion post-money valuation in early 2025.

Backers include Insight Partners, Iconiq Growth, Venrock, GIC, Salesforce Ventures, Geodesic Capital, Declaration Partners, Baillie Gifford, and the Carson Family Office.

Behind the scenes: Vanguard initiated the process, as Altruist wasn't seeking a buyer.

It might have helped that former Vanguard chairman and CEO Bill McNabb is on Altruist's board of directors.

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Vanguard pays $4.6B for RIA software startup Altruist

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