With an experience of more than 30 years in financial services, Prudential WMS assists financial services firms to develop and enhance their wealth management offerings.
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Prudential WMS assists its clients to help envision, design and implement wealth management offerings to optimize workflows and improve growth and profitability. As of 31 March 2013, the company administered approximately $23.7 billion on behalf of institutional clients.
Envestnet has acquired the assets of Prudential WMS for total cash consideration of $10 million, plus contingent consideration of up to a total of $23 million in cash, which will be paid over three years.
Kevin Osborn, executive vice president and director of Prudential WMS, has been appointed by Envestnet as executive vice president to lead the new bank and bank trust sales channel.
Jud Bergman, chairman and CEO of Envestnet, said: "Our growth strategy is focused on broadening and deepening our existing relationships as well as establishing and expanding our leadership in key market segments."
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By GlobalData"This combination of Envestnet’s best-in-class technology and WMS’s practice management leadership will help banks and bank trust departments of all sizes realize the full benefits of our unified and scalable wealth management platform."
