FundQuest hooks up with Envestnet in IT deal

FundQuest is partnering with Envestnet Asset Management Inc. to offer advisory firms additional IT resources.

The agreement means FundQuest’s 180 financial advisory firms will have access to Envestnet’s technology, operational support and additional back-office services.

Envestnet will also assist FundQuest with account initiation and setup, download processing, account trading, and reconciliation and performance reports.

“We will now have increased flexibility to develop additional investment products [and] introduce new investment solutions to the U.S. marketplace,” said James L. Fox, CEO of FundQuest. “This agreement will give FundQuest the opportunity to leverage both the capabilities and scale of Envestnet’s technology platform as we continue growing our integrated and customized advisory product solutions.”

Envestnet’s technology platform is accessible through a single gateway and provides practical resources to users in the financial community.

Jud Bergman, CEO of Envestnet, said that the new services will be beneficial for advisers looking to optimize their operations.

“The strategic partnership between FundQuest and Envestnet will provide more advisers with enhanced access to open-architecture solutions, services and technology, empowering them to deliver on their fiduciary commitment to clients,” Mr. Bergman said.

Under the agreement, Envestnet will also develop technology specifically for FundQuest to enhance its adviser productivity tools and investment management services.

FundQuest firms will gain access to the Envestnet platform within the next 90 days.

“We see this as an exciting opportunity to help FundQuest to continue to deliver innovative investment solutions, while bringing increased efficiency to the planning and advisory process,” Mr. Bergman said.