Vanguard acquires wealth management platform Altruist

Odaily reports that Bloomberg ETF analyst Eric Balchunas stated this transaction is Vanguard’s second-ever acquisition in its history. Vanguard has rarely made acquisitions before, and after the deal is completed, it will become a custodian institution and expand the coverage of its investment advisory business. Vanguard’s advisory fees are below industry norms, with rates ranging from 5 to 25 basis points depending on the minimum asset threshold. The vast majority of its clients are existing Vanguard fund investors rather than new external clients. Salim Ramji stated that advisory services are a “luxury” and hopes to expand the service so that more people can have access to it.