Envestnet to buy FolioDynamix

The deal, which is expected to close in the first quarter of 2018, will bring the total assets Envestnet works with to almost $2 trillion.
SEP 25, 2017

Envestnet Inc., a wealth management and technology platform used by financial advisers, said on Monday after the market closed it intended to acquire FolioDynamix, a technology and asset management firm, for $195 million in cash. At the end of June, FolioDynamix had more than 3.2 million client accounts with more than $800 billion in assets, according to a press release. Combined, Envestnet will work with almost $2 trillion in assets and approximately 10 million investor accounts, according to the companies. It is the sixth significant transaction by Envestnet since 2010, the year the company had its initial public offering. "Together, we will have the broadest, integrated suite of products and services for enterprises and financial advisers, boosting their productivity," said Jud Bergman, the chair and CEO of Envestnet, in the release. "The acquisition will add complementary trading tools as well as commission and brokerage support." The transaction is expected to close the first quarter of 2018.

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