Vanguard has completed the acquisition of Just Invest, which provides tax-managed, customised wealth management technology, including direct indexing platform Kaleidoscope.
The acquisition, whose financial terms have not been disclosed, was first announced by the companies in July this year.
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Just Invest’s direct indexing capabilities will expand Vanguard’s investment product lineup and service offering for advisers.
Vanguard Financial Advisor Services managing director Tom Rampulla said: “Financial advisors understand that each client’s circumstances and values are personal.
“We are excited to integrate Just Invest’s personalised indexing offering into our intermediary business and help advisors unlock new ways to tailor client experiences and provide value.”
Initially, Vanguard plans to roll out personalised indexing capabilities within its $3 trillion Financial Advisor Services, which caters to registered investment advisors (RIAs), banks, and broker-dealer financial advisers.
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By GlobalDataIn tie-up with US financial intermediaries, the unit offers investment offerings, research, thought leadership, model portfolio capabilities and strategies. It also offers portfolio analytics tools and consultations.
Just Invest CEO Jonathan Hudacko said: “Just Invest has always focused on empowering financial advisors with the technology they need to care for clients’ financial futures.
“We are excited that Vanguard shares in that mission, and we look forward to expanding the value we bring to financial advisors together.”
Last year, Vanguard introduced a direct indexing pilot programme for RIAs by leveraging Just Invest’s data analysis, quantitative algorithms, and risk modelling.
According to the company, the pilot registered positive feedback and sustained interest from advisers.
In May this year, Bloomberg reported that Vanguard and Ant Group are planning to inject capital in their Chinese JV robo advisory.
The companies were in discussions to raise the total registered capital in the JV to $23.4m (RMB 150m) from $7.75 (RMB 50m).
