Envestnet, a provider of unified wealth management technology to investment advisers, has completed the acquisition of Placemark Holdings, a firm that develops Unified Managed Account (UMA) programs for banks and RIA firms for $66m in cash.
The deal will provide Placemark’s clients access to Envestnet’s full suite of wealth management services including advisor-driven portfolio management, rebalancing and aggregated reporting solutions.
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In addition, the acquisition will expand Envestnet product and service offerings for investment advisors, who are looking for UMAs to meet diverse investor needs using Placemark’s portfolio overlay and tax optimization service.
Following the acquisition, Lee Chertavian, CEO of Placemark will join Envestnet as Group President of Envestnet | Placemark.
Jud Bergman, chairman and CEO of Envestnet, said: "Placemark’s portfolio overlay and tax optimization technologies will be designed into Envestnet | PMC’s product offerings as we integrate our two companies."
Bill Crager, president of Envestnet, saisd: "With the acquisition completed, our focus will now be on serving the current and future wealth management needs of Placemark’s customers: full-service broker-dealers, banks and individual RIAs."
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