Last week, I was contacted by my new favorite reporter at FundFire, Danielle Verbrigghe (sorry Tom Stabile) who was writing an article about the purchase of Placemark Investments by Envestnet. She wanted my view on the benefits of the acquisition to Envestnet as well as for the managers currently on Placemark’s platform.
Envestnet was already the largest turnkey asset management platform (TAMP) vendor based on assets under advisory with $572 billion (as of 1Q 2014), according to the Money Management Institute (MMI). Adding in Placemark’s $14 billion will bring them to $586 billion in total. This further distances them from number two on the list, Pershing/Lockwood, with $391 billion.