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Envestnet lands $4.5-billion deal to go private-- including ...

Envestnet lands $4.5-billion deal to go private-- including ...

July 12, 2024 - Daily Newsletter for RIABiz subscribers

FRESH SHEET
Tom Sipp: In a private setting, you can think long-term.
Bain brought in Reverence, which owns Osaic, and a bunch of asset managers to fund the deal it controls, and will appoint a new CEO later this year
2 hours ago Brooke Southall

Envestnet accepted Bain Capital's $4.5 billion offer to become a private company with BlackRock and Fidelity as prominent owners, 14 years after it went public in 2010.

MAX HEADROOM
Gary Gallagher: Fidelity and Envestnet are combining the best of both firms.
The Boston clearing and custody giant has been using the Berwyn, Pa., TAMP/SMA giant for managed accounts, but now Fidelity is making Envestnet a big software partner to make its own TAMP a 'category killer.'
Thursday 7.11.24 Oisin Breen

Fidelity Investments, Envestnet and Schwab Advisor Service compete hard individually for RIAs, but when it comes to turnkey solutions for RIAs large and small, an enemy of an enemy is a friend.

VISION TEST
Salim Ramji: We will never deviate from Jack Bogle's original focus on taking a…
The ex-BlackRock exec began life yesterday at the mega RIA and asset manager knowing his mission is financial and ecumenical in nature, but with the calls for a turnaround centering more on the latter.
Tuesday 7.9.24 Oisin Breen

Salim Ramji started his Vanguard CEO career on a sultry day to the drone of insects, lawnmowers and air conditioners in suburban Malvern, Pa., – a dog-day normality that belies the enormous challenge he faces in his new job.

BIG LEAP
John Connaughton: Taking Bain Capital deep into the RIA industry.
The famed Boston private equity firm already has big stakes in Carson Wealth and CI Financial and may be in the hunt for other acquisitions.
Monday 7.8.24 Brooke Southall

Brooke's Note: Three of the big cliffhangers in the RIA business have a single common denominator. Can Carson Wealth thrive minus Ron Carson? Can CI Financial make its U.S.-based RIA rollup, Corient, prosper without massive funding subsidies? And can Envestnet …

MOST RECENT ARTICLES
The West Palm Beach, Fla., TAMP is getting Courtney Robertiello and Jacqueline Burke, and their staggering 29 years of experience for 'growth and innovation,' the company says.
Matt Brown, CEO of alts platform, promises to bring feeder-fund access fees down to five basis points in some cases -- but needs broader help.
Eight months into her reign as CEO at the Omaha-based RIA software and investments powerhouse, Wolfsen is unleashing standalone rebalancing and risk software and tailoring pricing and service levels to match customer needs







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