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, 2012

Accrued Expenses/Note Payable [Abstract]

Accrued Expenses

9. Accrued Expenses

Accrued expenses consist of the following:


	At December 31,
	2012		2011
Accrued investment manager fees	$	12,937	$	8,451
Accrued compensation and related taxes		5,726		4,230
Accrued professional services		408		481
Accrued restructuring charges		-		290
Other accrued expenses		1,130		1,467

	$	20,201	$	14,919

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 FundQuest acquisition in 2011, the Company incurred restructuring charges of $381 in the year ended December 31, 2011, primarily severance charges related to the termination of certain FundQuest and Envestnet employees.

As a result of the FundQuest, Prima and Tamarac acquisitions, the Company incurred restructuring charges of $115 in the year ended December 31, 2012, primarily severance charges for certain Tamarac employees and lease abandonment charges related to Prima.

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


Balance at December 31, 2009	$	-
Restructuring provision incurred		961
Payments		(733	)

Balance at December 31, 2010		228
Restructuring provision incurred		434
Payments		(372	)

Balance at December 31, 2011		290
Restructuring provision incurred		115
Payments		(405	)

Balance at December 31, 2012	$	-