Welcome Prima and Tamarac
Envestnet announces the acquisition of Prima Capital Holdings, Inc., a provider of investment manager due diligence, research applications, asset allocation modeling and multi-manager portfolios to the wealth management and retirement industries, as well as the acquisition of Tamarac Inc., a provider of sophisticated portfolio management technology that enables Registered Investment Advisers (RIAs) to efficiently deliver customized individual account management.
As one of the largest prevailing providers of technology-enabled wealth management solutions, the firm has grown to serve more than $316B in total platform assets and more than 1.5 million investor accounts as of June 30, 2012. With the addition of Prima and Tamarac, Envestnet now has more than 650 employees worldwide.
Additionally, in April, CEO Jud Bergman is named one of the Top 25 Most Influential People in the Investment Advisory Business by Investment Advisor magazine.
In May, Envestnet revitalizes its national conference - the Envestnet Advisor Summit - to an enthusiastic audience of nearly 600 attendees.
Introducing Envestnet | Vantage
Envestnet introduces Envestnet | Vantage, the firm's premium aggregated performance reporting service, which enables advisors to attain a clear perspective on clients' entire financial landscape. Two key partnerships are established with ByAllAccounts Inc., a leader in data aggregation services, and DST Systems, Inc., a provider of sophisticated information processing and computer software.
Additionally, Envestnet continues to be recognized as a leader in the industry. Lori Hardwick, the firm's Executive Vice President of Advisory Services, is named one of the Top 50 Women in Wealth by AdvisorOne, a leading online media destination for independent advisors, wealth managers and financial planners. And, the firm is highlighted on the cover of Investment Advisor magazine in June as "Agents of Change."
In December, Envestnet acquires FundQuest Inc., BNP Paribas' U.S. provider of fee-based managed services and solutions. The firm grows to more than 928,000 investor accounts with more than $139B in total platform assets.
The Fiduciary Opportunity and Envestnet Goes Public
Envestnet responds to growing concerns about trust in the financial industry and creates thought leadership around advisors' fiduciary responsibility. The firm unveils "Fiduciary Oversight Notes," a platform tool that offers the ability to document decision-making on behalf of clients. Outreach regarding the "Fiduciary Opportunity" garners Envestnet significant attention and a cover story in Financial Planning magazine.
Additionally, the firm introduces a Unified Managed Household (UMH) offering, which empowers advisors to analyze and report on all of a client's assets, including those not managed by the advisor.
On July 29, Envestnet goes public, trading on the New York Stock Exchange under the symbol ENV. The firm grows to more than $139B in total platform assets and more than 910,000 investor accounts. More than 21,500 advisors now work with Envestnet.
Adding Depth to Investing Solutions
Envestnet introduces three new investing solutions: an enhanced version of the UMA that enable a higher degree of customization capabilities; PlanHorizon, a time-segmented distribution retirement program; and data aggregation services that offer technology integration of various assets and enhanced reporting.
Additionally, Envestnet|PMC introduces PMC Tax Management Services, a tax solution that can be used to unlock frozen assets and the Ultra-Short Fixed Income Portfolios, an attractive alternative to prevailing low money market fund yields.
The firm grows to more than 400 employees with more than $89B in total platform assets and more than 685,000 investor accounts. By year-end, more than 900 firms have service contracts with Envestnet.
Introducing the First SRI Platform in the Industry
Envestnet introduces the first Socially Responsible Investing (SRI) platform in the industry - The Sustainability Platform™ - which gives financial advisors overlay capabilities to filter out inappropriate stocks from portfolios and choose from a selection of SRI products managed by pioneers in sustainable investing.
Additionally, Envestnet|PMC introduces the PMC Tactical ETF Portfolio Series - new diversified risk-based portfolios with a risk tolerance ranging the efficient frontier, along with a Sector Rotation Portfolio and a Country Rotation Portfolio.
By year-end, more than 760 firms have service contracts with Envestnet.
Introducing PMC Select Portfolios
Envestnet|PMC introduces PMC Funds, which include equity and fixed income funds, all managed by accomplished institutional investment managers. Different combinations of the funds are invested in new asset-allocated wrap portfolios known as the PMC Select Portfolios.
Additionally, Envestnet signs a service agreement with another major independent broker-dealer to deliver service, support and technology to 1,500 financial advisors nationwide.
The firm grows to more than $82B in total platform assets and more than 598,000 investor accounts. By year-end, more than 550 firms have service contracts with Envestnet.
Innovations in Portfolio Solutions
Envestnet introduces a Unified Managed Account (UMA), one of the first in the industry, and new portfolio solution called Manager Blends to complement the managed account solution. The firm grows to more than 300 employees with more than $53B in total platform assets and more than 400,000 investor accounts. By year-end, more than 420 firms have service contracts with Envestnet.
Delivering Timely Investment Strategies
Envestnet's Portfolio Management Consultants, Envestnet|PMC, introduces new portfolio strategies designed to track the performance of hedge fund indices and to perform independently of stocks and bonds.
The firm grows to more than $26B in total platform assets with more than 239,000 investor accounts. By year-end, more than 290 firms have service contracts with Envestnet.
New Acquisitions and Enhanced Platform Capabilities
Envestnet acquires Oberon Financial Technology and NetAssetManagement, two innovators in financial software solutions. The acquisition adds enhanced platform capabilities and offices in Sunnyvale and Trivandrum.
The firm grows to more than $15B in total platform assets with more than 150,000 investor accounts.
Delivering Support and Technology to Banks
Envestnet signs a service agreement with two nationally recognized banks to deliver investment service, support and technology.
With more than $5B in total platform assets and more than 21,000 investor accounts, the firm grows to 130 employees.
Expanding Services to RIAs
Envestnet signs a service agreement with a RIA-focused custodian to provide a white-labeled separately managed accounts (SMA) platform with more than 100 SMA investment offerings. The firm also signs a service agreement with a trust services firm to offer their network of RIAs with investment service, support and technology. By year-end, nearly 80 firms have service contracts with Envestnet.
In addition, Envestnet hosts its first national conference in Denver with nearly 200 attendees.
First Signed Agreements with Major Broker-Dealers
Envestnet signs service agreements with two major securities broker-dealers to provide service, support and technology to nearly 5,000 financial professionals nationwide.
The firm also acquires Portfolio Management Consultants (PMC), a pioneer in managed accounts. The acquisition adds breadth to the firm's product offerings with the SIGMA Mutual Fund Solution, investment guidance capabilities and a new office in Denver.
In December, Envestnet is named Forbes Magazine's "Best of the Web."
Entering the Field
Envestnet launches its technology platform for wealth management with two major custodial options, Schwab Institutional and Pershing Advisory Services. Headquartered in Chicago with an office in New York, the firm has 50 employees.
Realizing a Vision
Our founder and CEO, Jud Bergman, an accomplished leader in the asset management industry, recognizes that newly independent advisors would need a software "desktop" that integrates the complex set of services and capabilities required to run a wealth management practice. He assembles a seasoned team of former colleagues and industry peers and together, they begin development of a wealth management platform that will provide advisors with the tools necessary to meet the growing expectations of investors.