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RIA Custodian Altruist Raises $112M, Set to Go Toe-to-Toe with Schwab and Fidelity

RIA Custodian Altruist Raises $112M, Set to Go Toe-to-Toe with Schwab and Fidelity

Registered investment advisor (RIA) custodian startup Altruist has new funding to ramp up its growth as a competitor in the custody business and is prepared to go toe-to-toe with the likes of Charles Schwab and Fidelity.

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 CEO, and Marty Bicknell, Mariner Wealth president and CEO.

In addition to a previously undisclosed $110 million round in November 2021, led by Declaration Partners, Altruist has raised a total of $290 million.

The company plans to invest the funds to further develop and expand its service offerings, including mid-sized RIA firms that manage between $100 million and $1 billion in assets.

In early March, Altruist revealed it became self-clearing, allowing it to settle its own trades in client accounts. That change allowed Altruist to provide custody for RIA client assets.

Last month Altruist also purchased Shareholder Services Group (SSG), a brokerage and custodial platform, which brought 1,600 RIAs to the company and lifted the number of RIAs doing business with Altruist above 3,000, making it the third largest custodian, behind Fidelity and Schwab, in terms of number of firms served, according to CEO Jason Wenk.

“We’re incredibly bullish on Altruist and the RIA market more broadly,” said Brian Stern, Partner and Co-Head of Growth Equity at Declaration Partners. “I have seen few investment opportunities in my career to back a team with this level of domain expertise and depth of vision and applied to such a significant and compelling market need.”

Wenk said assets tripled over the past year even before the SSG acquisition, and that the firm grew revenue by 1,700% year over year. Wenk says 2023 is set to be a year of growth for the business.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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