Wealth technology provider Envestnet has completed its
acquisition of Tamarac, a provider of portfolio management technology for RIAs.

The acquisition
will combine the firms’ technology, products and back-office, Envestnet said at
the time of the deal.

"A rapidly
growing number of advisors seek a fully-integrated platform - one that provides
a wide array of investment products and outsources back-office
operations," said Jud Bergman, chairman, founder and chief executive of
Envestnet.

As part of the
deal, Tamarac’s CEO, Stuart DePina, will become group president of Envestnet, a
role in which he and his team will continue to focus on integrated solutions
for the RIA marketplace, the firms said previously.

Seattle-based
Tamarac was established in 2000 by its current president Clive Springer and
manages over $250 billion in assets, with approximately 500 RIA-firm
relationships.

Tamarac’s position
within the independent RIA segment was one of the key attractions for
Envestnet, as this segment is core to the latter firm’s growth plans.

Envestnet has over
$127 billion in total assets with more than 909,000 investor accounts as of 30
September last year.

“The acquisition
of Tamarac is part of a long-range strategy to accelerate Envestnet's growth
through strategic acquisitions,” the firm said in its statement on the merger.