Wealth management firm Altruist valued at nearly $2 billion in latest funding round

By Ateev Bhandari

April 22 (Reuters) - Altruist has raised $152 million in its latest funding round, led by Singapore's sovereign wealth fund GIC, at a valuation of $1.9 billion, the wealth management startup said on Tuesday.

The funding comes amid a global dealmaking slump as markets have been roiled on rising recession fears following U.S. President Donald Trump's whiplash trade policies.

The blanket uncertainty has also led to a sharp deterioration in consumer sentiment while inflationary pressures from tariffs could also dampen consumer spending, forcing businesses to cut back on investments as well.

Asset managers, however, could benefit as investors scramble to actively adjust their portfolios. Industry leader Charles Schwab SCHW.N reported a 37% jump in quarterly profit last week, driven by upbeat performance in its asset management and trading businesses.

"In a market allergic to frothy narratives, real operational growth, a sticky customer base, and a compelling "platformization" story still turn heads," said Michael Ashley Schulman, chief investment officer at Running Point Capital.

The latest round brings Altruist's total funding to $601.5 million, according to Crunchbase data.

The Series F round comes less than a year after its last round, where Altruist was valued at more than $1.5 billion.

Other investors who participated in the round included Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, and ICONIQ Growth.

Founded in 2018, Altruist acts as a self-clearing brokerage for investment advisors, offering a unified platform for account opening, trading, reporting, and billing.

Revenue, brokerage accounts, and advisors it served saw triple-digit growth in 2024, according to the company. It added that assets under management have tripled for two consecutive years.

"While consumer confidence is wobbling and recession chatter isn't great news for anyone, Altruist's client base — smaller, independent advisors — tends to play the long game with high net-worth individuals," Schulman added.

Los Angeles-based Altruist is a custodian for over 4,700 registered investment advisors, assuming the responsibility for maintaining the assets and holdings of its clients.