Envestnet to buy Tamarac

FEB 19, 2012
Integrated wealth management provider Envestnet Inc. is in expansion mode. The firm is acquiring Tamarac Inc., a provider of portfolio management technology increasingly popular among independent registered investment advisers, for $54 million in cash. It is the second recent acquisition for Envestnet. On Feb. 10, the company said it would buy Prima Capital Holdings Inc. for $13.75 million. “While Tamarac has developed industry-leading software for re-balancing, practice management, performance reporting and [customer relationship management] integration, we value their market position within the independent-RIA segment — which is core to Envestnet's growth initiatives,” Envestnet chief executive Jud Bergman said in a statement. “We are eager to leverage Tamarac's highly sought-after solutions in combination with our integrated wealth management software and advanced portfolio solutions.” Mr. Bergman added: “As more advisers look to outsource to an integrated platform, we are uniquely positioned to meet this need now and well into the future.” Envestnet Reporting Solutions provides financial advisers an in-depth view of clients' aggregated investments. It has more than $127 billion in total assets under management or administration and more than 909,000 investor accounts. [email protected]

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave