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 has under management and under administration, plus some managed or administered through 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 work 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.

Vestmark CEO Karl Roessner said in a statement that the combined companies “bring complementary capabilities and expertise to the market.”

The newly formed company will be “moving faster” with product development, the announcement says. Vestmark’s platforms, including VestmarkOne and Vast, and Envestnet’s platforms and software, including Envestnet Enterprise, Tamarac and MoneyGuide, will keep following their product road maps for the year.

“Wealth management offerings have been siloed for too long, with advisers, traders and portfolio managers each locked into their own …,” said Chris Todd, CEO of Envestnet, in a statement. “Bringing Vestmark into the Envestnet ecosystem changes that. … We’re not slowing down to make this happen—we’re speeding up.”

The deal is expected to close in the fourth quarter, pending customary conditions. Terms of the transaction were not disclosed.

Envestnet went private in 2024 after being acquired by Bain Capital, along with partners Reverence Capital, BlackRock, Fidelity Investments, Franklin Templeton and State Street Global Advisors, in varying minority positions. In September 2025, the firm announced it would spend $1 billion on product investment over five years, and Jonathan Linstra became its chief growth officer in February.

Vestmark appointed Freedom Dumlao as chief artificial intelligence officer in April and opened an AI research center in July. Last year, Vestmark partnered with Fidelity to provide an open-architecture custom model portfolio platform to registered investment advisers and broker/dealers.