Envestnet, a US-based wealth management technology provider, has completed the purchase of competitor FolioDynamix from Actua in a deal worth $195m.

FolioDynamix offers an end-to-end technology solution and a range of advisory tools such as model portfolios, research, and overlay management services.

The deal adds complementary trading tools along with commission and brokerage business support to Envestnet’s current product range.

FolioDynamix chairman and CEO Joseph Mrak said: “By joining forces with Envestnet, our customers will have access to the trading tools and commission and brokerage support that they are accustomed to, as well as Envestnet’s robust and integrated wealth management solutions.”

The transaction, first announced in September 2017, was funded with borrowings under Envestnet’s revolving credit facility.

Commenting on the acquisition, Envestnet chairman and CEO Jud Bergman said: “This is the next important step in developing a financial wellness network that enables advisers and enterprises to improve their productivity and deliver better outcomes for their clients.”

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