09.09.26

Envestnet Agrees To Buy Portfolio Software Biz Vestmark

by: Ian Wenik

Envestnet has reportedly finalized an agreement to acquire Vestmark, a portfolio management and trading software provider serving registered investment advisors. Vestmark, based in Wakefield, MA, has about $2.7 trillion in platform assets and 72,000 financial advisor users. The company is controlled by co-founder Dave Blundin and backed by private equity firm Summit Partners. Raymond James is advising Vestmark on the sale.

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