Envestnet president Stuart DePina expected to depart

Envestnet president Stuart DePina expected to depart
Speculation about DePina's future with the company has circulated since reports surfaced that Envestnet is exploring a sale to private equity.
APR 29, 2022

Stuart DePina is expected to step down from his role as president of Envestnet, according to multiple sources familiar with the company.

Speculation on DePina’s future with the company has circulated in the fintech industry since reports surfaced that Envestnet is exploring a sale. While Envestnet has not made a formal announcement, many employees already assume that DePina is on his way out, according to multiple sources who asked for anonymity due to their relationship with the company.

News of DePina leaving was first reported by CityWire and confirmed by InvestmentNews. Envestnet declined to comment.

DePina served as chief executive of Tamarac, a portfolio management software for independent registered investment advisers, in 2012 when it was acquired by Envestnet for $54 million. He continued leading the Tamarac team until 2019, when he succeeded Anil Arora as chief executive of Envestnet Yodlee.

DePina was promoted to president of Envestnet in 2020 when former president Bill Crager was named permanent CEO following founder Jud Bergman’s death in 2019.

The reported leadership change comes amid several other changes at the fintech and investment management company. Lincoln Ross, Envestnet’s former chief of business operations, departed for CircleBlack, while Blake Wood, former director of corporate strategy, left for Luminant.

Envestnet recently announced it's closing its Chicago headquarters and the Tamarac offices in Seattle to support more remote work. The company is planning a new headquarters in Berwyn, Pennsylvania, and will maintain offices in Denver and Raleigh, North Carolina.

Envestnet is also reportedly nearing a deal for a private equity takeover and has narrowed the possibilities to Advent International and Warburg Pincus, according to reports by CityWire and Financial Planning.

More inflation 'on the horizon,' says Envestnet's D'Auria

Latest News

RIAs need to visit universities to attract students
RIAs need to visit universities to attract students

RIAs need to find universities that offer financial planning programs and sponsor or host events, advisor suggests.

Orion deepens Capital Group alliance with ETF portfolio tie-up
Orion deepens Capital Group alliance with ETF portfolio tie-up

The leading wealth tech provider is helping more advisors access active ETF models through its exclusive partnership.

JPMorgan client who lost $50M amid dementia battle denied trial
JPMorgan client who lost $50M amid dementia battle denied trial

Case of once-wealthy family highlights risks, raises questions on firms' duties to sophisticated investors suffering cognitive decline.

Stifel loses huge $14.2 million arbitration claim linked to star Miami broker
Stifel loses huge $14.2 million arbitration claim linked to star Miami broker

“The evidence in this case was overwhelming,” says an attorney.

$9B Gateway Investment Advisers names Julie Schmuelling president
$9B Gateway Investment Advisers names Julie Schmuelling president

The move marks the culmination of a decade-long journey for the new leader at the Ohio-based RIA and Natixis affiliate firm.

SPONSORED Leading through innovation – with Tom Ruggie of Destiny Wealth Partners

Uncover the key initiatives behind Destiny Wealth Partners’ success and how it became one of the fastest growing fee-only RIAs.

SPONSORED Client engagement strategies, growth and retention in the down markets

Key insights from Gabriel Garcia on adapting to demographic shifts and enhancing client experience in a changing market