Envestnet, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Accrued Expenses

Accrued Expenses

12 Months Ended

Dec. 31, 2011

Accrued Expenses [Abstract]

Accrued Expenses

10. Accrued Expenses

Accrued expenses consist of the following:


	At December 31,
	2011		2010
Accrued investment manager fees	$	8,451	$	6,892
Accrued compensation and related taxes		4,230		4,309
Accrued professional services		481		280
Accrued restructuring charges		290		228
Other accrued expenses		1,467		1,150

	$	14,919	$	12,859

Effective March 31, 2010, the Company closed its Los Angeles office in order to more appropriately align and manage the Company’s resources. In the year ended December 31, 2010, the Company recognized pretax restructuring charges of $961 consisting primarily of $451 for accrued lease payments, $414 for relocation and other expenses and $96 for severance charges. In the year ended December 31, 2011, the Company recognized pretax restructuring charges of $53 consisting primarily of relocation and other expenses.

As a result of the EPS acquisition, the Company incurred restructuring charges of $381, primarily severance charges related to the termination of certain EPS and Envestnet employees.

The summary of activity in accrued restructuring charges was as follows:


	Los Angeles Office			EPS Acquisition			Total
Balance at December 31, 2009	$	-		$	-		$	-
Restructuring provision incurred		1,144			-			1,144
Payments		(733	)		-			(733	)
Adjustments		(183	)		-			(183	)

Balance at December 31, 2010		228			-			228
Restructuring provision incurred		53			381			434
Payments		(228	)		(144	)		(372	)

Balance at December 31, 2011	$	53		$	237		$	290