Fintech Company Envestnet Acquires Vestmark

Fintech company Envestnet Inc., which serves $8 trillion in platform assets, is acquiring Vestmark Inc., a provider of portfolio management technology, and trading and outsourced investment management services.

Vestmark supports more than $2 trillion in assets and more than 5 million accounts. Its products, technology and client-facing teams will continue to serve wealth firms, asset managers and advisers through Envestnet’s “broader platform and resources,” according to the announcement.

Envestnet’s assets include those it manages and administers, plus those utilizing its technology ecosystem, per a regulatory filing unrelated to this deal. The assets Vestmark supports are those that balance, trade and report on its technology platform

Clients of either company will not have to migrate platforms due to the transaction, the announcement says.

Both companies do business with advisers, plan sponsors and institutional asset owners. Envestnet provides outsourced chief investment officer services for pension funds, endowments and foundations, as well as 3(38) investment management fiduciary services. Vestmark is largely an infrastructure and technology provider for pension systems, banks and asset managers.

Additional details about the transaction are available on PLANADVISER, the sister publication of PLANSPONSOR.