Envestnet has consolidated its business into two units in a bid to drive innovation and growth.

The new units created under the revamp are Envestnet Data & Analytics and Envestnet Wealth Solutions.

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Envestnet Data & Analytics will focus on development of the firm’s data aggregation, enterprise data management and analytics services. These services tend to wealth management, financial institution and fintech customers.

The unit will include the Yodlee platform. It will be headed by Stuart DePina, who currently manages Envestnet Tamarac.

Envestnet Wealth Solutions will focus on innovation of the firm’s wealth management offerings for RIAs, independent broker dealers, banks and other financial institutions. It will incorporate Tamarac.

The unit will be led by Bill Crager, who presently heads the Enterprise business of Envestnet.

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Envestnet chairman and CEO Jud Bergman said: “These changes will give our clients greater access to our integrated technology and improve operational effectiveness.

“Aligning the organisation into two business units will foster innovation and facilitate the transformation of data into actionable intelligence in all areas of financial wellness.”

Meanwhile, Envestnet | Yodlee CEO Anil Arora has decided to step down from his position by the end of next month.

However, Arora will continue to sit on the board of directors. Under Arora, Yodlee was purchased by Envestnet in 2015.

According to Envestnet, Yodlee’s revenue almost doubled and its profitability increased by five times since the takeover.