Envestnet | Tamarac Announces Agreement to Acquire PortfolioCenter® from Schwab Performance Technologies®

Download as PDF

Tamarac enables RIAs using PortfolioCenter to dramatically boost their portfolio management and client engagement capabilities

CHICAGO--(BUSINESS WIRE)-- Envestnet | Tamarac announced that Tamarac has agreed to acquire PortfolioCenter, Schwab Performance Technologies’ portfolio management and reporting technology solution for independent registered investment advisers (RIAs).

RIAs have been using PortfolioCenter as the back-end data application with the award-winning Tamarac portfolio management and rebalancing applications for years. With this acquisition, Envestnet | Tamarac is uniquely positioned to significantly enhance its comprehensive and integrated technology platform for firms leveraging both systems. Today more than 3,000 advisory firms leverage PortfolioCenter either directly from Schwab Performance Technologies or from Envestnet | Tamarac.

“We’re excited about the opportunity to acquire PortfolioCenter,” said Andina Anderson, Executive Managing Director of Envestnet | Tamarac. “With more than a decade of experience supporting RIA firms leveraging the integration between PortfolioCenter and our comprehensive platform, this acquisition will enable us to provide an even higher level of service to our RIA clients.”

“Portfolio accounting software is the cornerstone of any practice and PortfolioCenter is one of the most widely trusted solutions amongst RIAs, which is why we originally selected it as our underlying technology,” said Mrs. Anderson. “With this acquisition, we will be able to build on all of the investments we’ve made in the technology including: extending it into a cloud-based application, enabling an open architecture eco-system, and driving greater efficiency to RIAs who rely on PortfolioCenter.”

“As a longstanding user of the PortfolioCenter infrastructure, Envestnet | Tamarac is an ideal strategic fit to acquire and continue to support the platform,” said Andrew Salesky, senior vice president and head of Schwab Digital Advisor Solutions. “Our top priority is meeting advisor needs with the best solutions, including proprietary capabilities as well as integrations with third-party providers. The agreement with Envestnet | Tamarac supports this strategy, given their history of innovation with advisor portfolio management solutions.”

“Firms using PortfolioCenter should anticipate the same level of support, and will now have direct access to Tamarac’s best-in-class support, consulting and service teams that not only have a deep understanding of PortfolioCenter but the Tamarac platform as well,” added Anderson. “RIAs transitioning from Schwab Performance Technologies will benefit, as all our clients do, from being able to help guide the future enhancements of Tamarac’s open, modular and ever-evolving technology platform for RIAs.”

About Envestnet

Envestnet, Inc. (NYSE:ENV) is a leading provider of intelligent systems for wealth management and financial wellness. Envestnet's unified technology empowers enterprises and advisors to more fully understand their clients and deliver actionable intelligence that drives better outcomes and improves lives.

Envestnet Wealth Solutions enables enterprises and advisors to better manage client outcomes and strengthen their practices through its leading Wealth Management Operating System and advanced portfolio solutions. Envestnet | Tamarac provides portfolio management, reporting, trading, rebalancing and client portal solutions for registered independent advisors (RIAs). Envestnet Data & Analytics provides intelligent solutions that enable dynamic innovation through its Envestnet | Yodlee platform.

More than 3,500 enterprises and more than 96,000 advisors including: 15 of the 20 largest U.S. banks, 43 of the 50 largest wealth management and brokerage firms, over 500 of the largest Registered Investment Advisors, and hundreds of Internet services companies leverage Envestnet technology and services.

For more information about Envestnet | Tamarac, please visit www.tamaracinc.com and follow @TamaracInc.

Brooke Worden
Weber Shandwick
612.308.6975
bworden@webershandwick.com

Source: Envestnet

Released February 21, 2019