Envestnet Appoints John Fitzpatrick of Fidelity and Sean Mullen of Fortigent as Vice Presidents
CHICAGO, March 21, 2011 /PRNewswire/ -- Envestnet, Inc. (NYSE: ENV), a leading provider of innovative investment and practice management solutions for financial advisors, announced today that John Fitzpatrick, formerly of Fidelity Investments, has joined the firm as Senior Vice President on the Enterprise Sales Team. Sean Mullen, formerly of Fortigent, LLC, has joined as Vice President, Director of Portfolio Strategies, Eastern Region.
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"John Fitzpatrick and Sean Mullen bring enormous experience, talent and energy," said Envestnet Executive Vice President Lori Hardwick. "Envestnet currently has relationships with 38 of the top 50 independent-broker dealers, and we look forward to building on this reach with John on the team."
"Sean brings deep experience in the RIA space," ENVESTNET | PMC™ Managing Director, Mark Osmond adds, "It's an area where Envestnet is further extending its reach. We're confident that his knowledge and relationships will add to opportunities for our portfolio consulting group."
Mr. Fitzpatrick will oversee key institutional relationships and strategic partnerships at Envestnet, working closely with clients to explore new distribution opportunities and assisting Envestnet partners in raising assets through advisory solutions. Mr. Mullen will serve as an investment specialist and portfolio consultant at ENVESTNET | PMC™ ("PMC"), the portfolio consulting group of Envestnet, consulting with Envestnet partners and advisors to help them efficiently grow their firms. He will also work alongside custodians and asset managers to communicate the benefits of unified managed accounts ("UMAs").
The appointments serve a wider expansion initiative that includes the recent hiring of Marion Asnes as Envestnet's Managing Director and Chief Marketing Officer, and Ron Fiske as Managing Director, Strategic Partnerships. Ms. Asnes was formerly Editor-in-Chief of Financial Planning magazine, and Mr. Fiske was former Executive Vice President for Product Management and Development for Fidelity.
In addition, PMC recently launched a Liquid Alternatives Program to help advisors identify high-performing liquid alternative strategies, mainly in mutual funds and exchange-traded funds, while providing guidance in utilizing these portfolios.
"Envestnet is an innovative company with a history of anticipating and meeting the evolving needs of advisors," said Mr. Mullen. "I look forward to leveraging my UMA background to complement PMC's full and growing breadth of solutions designed to help advisors expand and strengthen their practices."
Previously at Fortigent, Mr. Mullen was a Director of Sales and an original architect of Fortigent's UMA platform.
Mr. Fitzpatrick previously held a variety of roles at Fidelity, including in strategy development, the Fidelity mutual funds, intermediary distribution, international markets, and wealth management. At Fidelity's National Financial, he partnered with Envestnet to launch a managed account platform that has grown to $13 billion in assets.
"Envestnet is the market leader in wealth management solutions for financial advisors," said Mr. Fitzpatrick. "I'm very excited to join this highly talented management team and help open the door to advisory solutions that effectively serve today's most demanding and sophisticated clients."
ABOUT ENVESTNET (NYSE: ENV)
Envestnet, Inc. is a leading provider of wealth management solutions to financial advisors who are independent, as well as those who are associated with small or mid-sized financial advisory firms and larger financial institutions. Envestnet's technology is focused on addressing financial advisors' front-, middle- and back-office needs. Envestnet is headquartered in Chicago with offices in Boston, Denver, New York, Silicon Valley and Trivandrum, India. The firm has over $139 billion in total assets served and more than 910,000 investor accounts.* For more information on Envestnet, Inc. please go to www.envestnet.com.
* Data includes assets under management or administration and licensing agreements as of 12/31/2010.
SOURCE Envestnet, Inc.
Released March 21, 2011