Victory Capital agrees $7 billion First Eagle deal, Vanguard buys Altruist

US asset manager Victory Capital’s agreement to acquire First Eagle Investments for approximately $7 billion and Vanguard’s acquisition of Altruist put consolidation and ownership of adviser infrastructure at the centre of the week’s wealth developments.

In Asia, Japan’s SBI Holdings acquired 20% of Jakarta-based investment platform Ajaib Group, following a $270 million funding round, while Maybank and Public Bank reported strong wealth-linked income growth in Malaysia.

Read more on the week’s key developments:

Victory Capital agrees $7 billion First Eagle acquisition

Victory Capital, a San Antonio-based asset manager, agreed on 26 August to acquire New York-based First Eagle Investments for total consideration of approximately $7 billion. The transaction includes about $4.4 billion in cash, $2 billion in newly issued Victory Capital equity and the assumption of $575 million in First Eagle senior secured notes. First Eagle managed approximately $222 billion as at 31 July, and the combined company is expected to have $571 billion in client assets.

First Eagle’s $41 billion collateralised loan obligation and alternative-credit business will become the combined firm’s alternatives platform. First Eagle will retain its brand, investment autonomy and investment processes, while Victory targets approximately $280 million in net expense synergies. The transaction is expected to close by the end of the first quarter of 2027, subject to regulatory approvals, client consents and shareholder approval for the equity issuance.

Vanguard acquires adviser-custody platform Altruist

Vanguard, the Pennsylvania-based investment manager, agreed on 26 August to acquire California-based Altruist, a wealth-technology and custody platform for independent financial advisers. The companies did not disclose the transaction value. Altruist combines a self-clearing brokerage with software for account opening, trading, portfolio management, billing and reporting.

Vanguard first invested in Altruist in 2020. Owning the platform gives Vanguard direct access to adviser custody and workflow infrastructure, as well as closer links to independent advisers and their clients. Altruist is expected to remain a standalone business under founder and Chief Executive Officer Jason Wenk, retaining its brand, leadership and adviser focus after the transaction closes later in 2026.

SBI takes 20% stake in Indonesia’s Ajaib

Jakarta-based Ajaib Group said on 28 August that it had raised $270 million from Japan’s SBI Holdings in a Series C funding round. SBI said it acquired a 20% stake through a subsidiary, making Ajaib an equity-method affiliate. Founded as an online brokerage, Ajaib now provides millions of Indonesian investors with access to domestic and overseas shares, bonds, funds and digital assets. Forbes reported that the platform has more than seven million users.

The stake gives SBI access to Indonesia’s large retail-investment market through a platform combining conventional securities and digital assets. Ajaib gains a partner with brokerage, exchange and tokenisation infrastructure across Japan and Singapore, supporting its expansion beyond online stock trading and linking its Indonesian client base with SBI’s wider Asian financial-services network.

Maybank and Public Bank report strong wealth-linked income growth

Malaysia’s Maybank reported on 27 August that wealth management fees rose 48.4% year on year in the first half of 2026, driven by higher investment and bancassurance income. The increase reached 61.5% in the second quarter, while group core fees rose 12.1% over the half-year. First-half net profit was broadly flat at MYR 5.17 billion ($1.28 billion). Maybank did not disclose wealth assets or net new money, and its wealth-fee category includes investment and bancassurance income.

Public Bank reported that unit trust income increased 28.6% in the first half. Its fund-management subsidiary Public Mutual recorded a 16.6% rise in pre-tax profit to MYR 470.5 million ($117 million), accounting for 10% of group pre-tax profit. The subsidiary managed MYR 119.1 billion ($29.6 billion) across 185 funds and held a 44.6% share of Malaysia’s retail private unit trust market, excluding money-market funds. Maybank recorded faster fee growth, while Public Bank provided clearer evidence of domestic asset-management scale and profit contribution.

Van Lanschot Kempen’s assets exceed EUR 200 billion

Van Lanschot Kempen, the Dutch specialist wealth manager, reported net inflows of EUR 19.5 billion ($22.7 billion) in the first half, lifting assets under management by 18% to EUR 188.2 billion ($219 billion). Total client assets increased 16% to EUR 209.1 billion ($243 billion), while net profit rose 30% to EUR 88.2 million ($103 million).

Investment management clients generated EUR 17.8 billion ($20.7 billion) of the net inflows, largely through fiduciary mandates from Dutch pension funds. Private clients in the Netherlands and Belgium contributed EUR 1.7 billion ($2 billion), with around two-thirds of the Dutch inflows coming from new clients. The large institutional mandates drove most of the asset increase, while the private banking businesses continued to add client money.

Scotiabank wealth earnings rise 23%

Toronto-based Scotiabank reported a record third quarter for Global Wealth Management. The division’s net income rose 23% year on year to CAD 515 million ($372 million), while revenue increased 18% to CAD 1.90 billion ($1.37 billion). Assets under management grew 16% to CAD 474 billion ($342 billion), and assets under administration rose 13% to CAD 856 billion ($618 billion).

Revenue growth exceeded the 16% increase in expenses, lifting pre-tax pre-provision profit by 22% and improving the division’s productivity ratio by 130 basis points to 62.9%. Global Wealth Management also recorded positive net sales for the eighth consecutive quarter, accompanying the increase in market-linked asset values.

Granite Asia raises more than $500 million for private credit

Singapore-based investment firm Granite Asia,  said on 25 August that its Libra Hybrid private credit strategy had surpassed its $500 million fundraising target. New commitments from a leading insurer, DBS Private Bank and other institutional investors joined anchor backers Temasek, through Aranda Principal Strategies, Khazanah Nasional Berhad and the Indonesia Investment Authority.

Since launching in 2025, the strategy has completed eight transactions and realised two exits across advanced manufacturing, consumer and healthcare companies. The addition of a private bank alongside sovereign and institutional backers broadens the strategy’s investor base and strengthens private credit’s place within Asian wealth portfolios. Granite Asia did not disclose the final amount raised above the target.

HSBC Private Bank expands Asia and Middle East leadership

UK-headquartered HSBC’s private banking arm expanded leadership across its Global India franchise and its Singapore and Offshore China coverage on 26 August. Vivek Pandohi will lead Global India in the Middle East, while Harjeet Singh joined as Senior Desk Head for Global India in Singapore. Lay Hong Tan and Jay See also joined as desk heads for the Singapore and Offshore China markets respectively.

The appointments add dedicated leadership in Dubai and Singapore to a Global India franchise spanning India, Hong Kong, Singapore, the UK and the Middle East. They also strengthen domestic Singapore and Offshore China coverage for entrepreneurs and business-owning families with cross-border needs. HSBC did not disclose client, asset or hiring targets associated with the appointments.

StashAway acquires digital-wills platform MakeGoodwill

Singapore-based investment platform StashAway acquired MakeGoodwill, a Singapore digital-wills provider, on 26 August. The acquisition extends StashAway’s offering from investment management into legacy planning. The companies did not disclose the financial terms, and MakeGoodwill will continue operating as a standalone brand available to people who are not StashAway clients.

The acquisition adds estate planning to StashAway’s existing investment proposition and extends its potential relationship with clients beyond portfolio management. Keeping MakeGoodwill open to non-clients preserves its wider reach while giving StashAway another point of entry into clients’ financial lives. The company has not disclosed an integration timetable or expected revenue contribution.

Fieldpoint Private and MaxMyInterest launch Benchmark

Greenwich-based Fieldpoint Private and US cash-management technology provider MaxMyInterest launched Benchmark on 27 August, embedding private-banking services into the workflows used by independent registered investment advisers. The platform combines checking and savings, cash optimisation, enhanced deposit-insurance coverage, bespoke lending and commercial banking with integrations into advisers’ planning, reporting and client-relationship systems.

Fieldpoint said its partnerships span hundreds of adviser teams whose firms manage more than $150 billion in combined assets. That figure represents the assets of partner firms, not assets held through Benchmark. The product allows independent advisers to offer banking services and view clients’ cash balances within their existing systems, reducing the need to send clients through a separate bank referral process.