Vanguard Group announced Wednesday it has signed a definitive agreement to acquire Just Invest, a provider of wealth management technology including a customizable direct indexing platform.
Terms of the deal were not disclosed in a news release. Just Invest's direct indexing capabilities will augment Vanguard Group's $3 trillion financial intermediary business.
Just Invest was founded in 2016 and has more than $1 billion in assets under management, according to the news release. The acquisition is expected to close in the fourth quarter and will build upon a pilot program Vanguard has offered to registered investment adviser clients for the past 18 months that was built by Just Invest.
"Investing is inherently personal, and advisors are looking to better serve their clients through more customizable and tech-driven solutions. The success of our pilot program validated both the need in the marketplace and the compelling offer developed by Just Invest," said Tom Rampulla, managing director of Vanguard's financial adviser services, in the news release. "We've put tremendous focus on our financial intermediary business over the last decade to serve as a trusted and strategic partner to advisors. We are confident that Just Invest's direct indexing capabilities will be a valuable complement to our ongoing efforts to help advisors redefine and underscore their client value proposition."
Vanguard Group spokesman Freddy Martino referred questions to the news release.