Vanguard is acquiring Altruist, the AI custody platform it backed six years ago

Vanguard will acquire Altruist, an AI-driven custody and software platform for independent financial advisers that it first invested in 2020, on undisclosed terms. Altruist operates its own self-clearing brokerage and uses its AI engine Hazel to ingest custodial data, CRM, email and notes, then answer queries and draft client plans. The deal keeps Altruist’s brand, leadership and operating model separate to preserve adviser relationships.