ME News reports that on August 26 (UTC+8), Bloomberg ETF analyst Eric Balchunas stated that this transaction is Vanguard’s second acquisition in its history. Vanguard has rarely made acquisitions in the past; after the deal, it will become a custodian and expand its advisory services footprint. Vanguard’s advisory fees are below industry norms, ranging from 5 to 25 basis points depending on the minimum asset threshold; the vast majority of its clients are existing Vanguard fund investors, not new external clients. Salim Ramji described advisory services as a “luxury” and expressed a desire to broaden access to these services for more people. (Source: ODAILY)
Vanguard Acquires Wealth Management Platform Altruist
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Summary
Vanguard has acquired the wealth management platform Altruist, its second acquisition to date. The deal aims to expand its advisory services, which charge 5 to 25 basis points, primarily targeting existing Vanguard fund investors. Salim Ramji described advisory services as a "luxury" and seeks to make them more accessible. The move comes amid growing interest in crypto and cryptocurrency news.
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