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."

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Why advisers are pessimistic about the economy

Deputy editor Bob Hordt and senior research analyst Matt Sirinides discuss a recent InvestmentNews survey of advisers, most of whom see a recession ahead before the next presidential election.

Video Spotlight

We started as a boutique firm with huge ambitions. Schwab was a perfect fit.

Sponsored by Schwab: Advisor Services

Recommended Video

Keys to a successful deal

Latest news & opinion

Here's how advisory firms compensate their employees

Schwab’s report on RIA pay details median compensation for a range of positions

Raymond James buys Silver Lane Advisors, an investment bank for RIA mergers

Expanding unit taps into M&A trends in the wealth management space.

Final pass-through rules deliver good and bad news for advisers

The final regs are a boon to rental-property owners and some mutual fund shareholders, but some clients' deduction may be diluted.

Finra focuses exam priorities on investor-protection threats

Online distribution of private placements pops up; exchange-traded products cause suitability worries.

10 public companies that boosted their ESG ratings in 2018

These 10 companies increased their environmental, social and governance scores last year.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print