Deals and People

Retirement Industry People Moves

Envestnet to Acquire FolioDynamix; Nuveen Expands DCIO Sales Team; Kovack Securities Partners With Capital Guardian; and more.

By Javier Simon | September 29, 2017
Page 1 of 9

Envestnet to Acquire FolioDynamix

Envestnet, a provider of intelligence systems for wealth management and financial wellness, announced it will acquire FolioDynamix, a provider of integrated wealth management technology solutions.

FolioDynamix is an Actua company providing financial institutions, registered investment advisers, and other wealth management clients with an end-to-end technology solution paired with a suite of advisory tools including model portfolios, research, and overlay management services. The acquisition will add complementary trading tools as well as commission and brokerage support to Envestnet’s existing suite of offerings.

“Acquiring FolioDynamix advances our growth strategy and creates value for our shareholders,” says Jud Bergmanchairman and CEO of Envestnet. “This acquisition, our sixth significant transaction since 2010, expands our industry footprint, allowing us to further leverage our operating scale and data analytics capabilities as we continue to build the financial wellness network and help our clients deliver better outcomes. Together, we will have the broadest, integrated suite of products and services for enterprises and financial advisers, boosting their productivity. We are eager to welcome and continue to serve FolioDynamix’s clients.”

Joseph Mrakchairman and CEO of FolioDynamix, adds: “We are excited to join forces with Envestnet, enabling us to expand how we serve our customers. Integrating FolioDynamix’s powerful trading tools into Envestnet’s unified wealth management, financial planning and data analytics platform offers each of our customers the best of both worlds.”

The transaction is expected to close in the first quarter of 2018 and is subject to customary closing conditions including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and receipt of certain third-party consents.

NEXT: Nuveen Expands DCIO Sales Team