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Financial Advisory  + RIAs & Financial Advisors  |  May 6, 2024
RIA Custodian Altruist Raises $169M in Series E Funding
Joe Palmisano
By: Joe Palmisano

RIA Custodian Altruist Raises $169M in Series E Funding 

Altruist, an LA-based custodian for registered investment advisors raised $169 million in Series E funding led by Iconiq Growth, with participation from new investor Granite Capital Management, and continued support from existing investors Adams Street Partners and Sound Ventures. 

The new round brings the company’s total funding to over $450 million and values it above $1.5 billion. In conjunction with the funding, Yoonkee Sull, general partner at ICONIQ Growth, will be joining the board of directors. 

After growing revenue over 550% in 2023 and tripling assets under management for two straight years, Altruist has become the third largest custodian behind Schwab and Fidelity (based on RIAs served, not assets under management), according to Altruist. 

“The best way to help more people get more from their money is to provide independent advisors with better software, better service, and the tools to drive better client outcomes,” said Jason Wenk, founder and CEO of Altruist. 

Last April, the firm announced a $112 million Series D funding round led by Insight Partners and Adams Street Partners, along with participation from industry veterans Bill McNabb, former Vanguard CEO, Ron Carson, Carson Group founder, and Marty Bicknell, Mariner Wealth president and CEO. 

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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