Envestnet Yodlee executive Anil Arora steps down

The move comes as Envestnet restructures its operations into two business units

Jan 10, 2019 @ 5:27 pm

By Ryan W. Neal

Anil Arora is stepping down from his role as chief executive of Envestnet Yodlee.

Mr. Arora joined Yodlee in 2000, guiding the company from a startup to arguably the biggest name in financial account aggregation. Under Mr. Arora, Yodlee filed for an initial public offering in 2014, and was acquired by Envestnet for a reported $660 million in 2015.

According to Envestnet, Yodlee's revenue has nearly doubled since the acquisition, while profitability has increased five-fold.

In a statement, Mr. Arora called his time with Yodlee "the most compelling professional adventure I have ever undertaken." He did not elaborate on his reason for stepping down, or plans for the future, however he will remain on Envestnet's Board of Directors.

Envestnet did not immediately respond to a request for comment.

At the same time, Envestnet is restructuring its business by consolidating its operations into two business units.

The Yodlee platform and other data management Envestnet provides will fall under the Envestnet Data & Analytics division. Leading the team is Stuart DePina, who currently runs Envestnet Tamarac.

(More: How Tamarac grew from fintech startup to $1.2 trillion behemoth)

Tamarac provides portfolio management, reporting, trading, client portal and client relationship management software to more than 1,000 registered investement advisers. That team will be a part of Envestnet's other new division, Envestnet Wealth Solutions.

Envestnet's Wealth Solutions will focus on innovation and market growth for RIAs, independent broker dealers, banks and other financial institutions. Leading the team is Bill Crager, who currently runs Envestnet's Enterprise business.

(More: BlackRock takes equity stake in Envestnet)

"These changes will give our clients greater access to our integrated technology and improve operational effectiveness," Jud Bergman, Envestnet chairman and CEO, said in a statement. "Aligning the organization into two business units will foster innovation and facilitate the transformation of data into actionable intelligence in all areas of financial wellness."

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