Two fresh deals from Vanguard and Victory Capital on Wednesday underscored the pace of consolidation reshaping the global asset management industry, as fund firms rush to expand their footprints.
Index-tracking fund titan Vanguard, which has $12tn in assets under management, revealed it would acquire AI-wealth platform Altruist for an undisclosed sum, pointing to the benefits of technology in helping advisers serve more clients.
Separately, Victory Capital, the Texas-based investment house that lost out in the race to buy Janus Henderson earlier this year, said on Wednesday that it would scoop up asset manager First Eagle for $7bn.
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