What You Need to Know
- The deal was first announced in July, and it follows a successful direct indexing pilot program run by the two firms.
- Vanguard's new personalized indexing capabilities will first be available in its Financial Advisor Services division.
A day after Franklin Templeton announced it was acquiring O’Shaughnessy Asset Management, known for its direct indexing Canvas platform, Vanguard announced it has completed its acquisition of Just Invest, a provider of tax-managed, personalized wealth management technology, which includes the Kaleidoscope direct indexing platform.
Vanguard first announced the purchase in July, saying it would be completed in the fourth quarter. Friday is the first day of that quarter. Terms of the deal have not been disclosed.
“Financial advisors understand that each client’s circumstances and values are personal,” said Tom Rampulla, managing director of Vanguard Financial Advisor Services. “We are excited to integrate Just Invest’s personalized indexing offering into our intermediary business and help advisors unlock new ways to tailor client experiences and provide value.”
Vanguard’s personalized indexing capabilities will initially be implemented within its $3 trillion Financial Advisor Services, which serves registered investment advisors, banks, and broker-dealer financial advisors. Over time, Vanguard expects to expand the offering to a broader set of clients and build on its capabilities, according to its original announcement of the Just Invest deal.