Envestnet, a provider of wealth management technology and services to investment advisors and wealth managers, has completed its acquisition of Placemark Holdings, a developer of unified managed accounts programs for banks, full-service broker-dealers and RIA firms.

Envestnet, a provider of wealth management technology and services to investment advisors and wealth managers, has completed its acquisition of Placemark Holdings, a developer of unified managed accounts programs for banks, full-service broker-dealers and RIA firms.

Placemark’s portfolio overlay and tax optimization technologies will be added to Envestnet | PMC’s product offerings as the firm integrates the two companies, said Jud Bergman, chairman and chief executive at Envestnet.

Envestnet acquired Placemark Holdings for $66 million in cash upon closing. Placemark had $15.6 billion in UMA assets under management as of June 30, 2014. Lee Chertavian, CEO of Placemark, is joining Envestnet as group president of Envestnet | Placemark. 

See more details on the acquisition when it was announced here.