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