In a statement announcing the partnership, Envestnet PMC’s co-founder and CIO, Brandon Thomas, said the deal reflects Envestnet’s “commitment to aligning with institutional-quality managers and delivering innovative solutions that meet the demands of a dynamic investment marketplace.”
Envestnet PMC is the portfolio consulting group of Envestnet, Inc., which provides a host of nonproprietary investment and wealth advisory products and services to advisors in both the RIA and independent broker/dealer spaces.
In May, Envestnet filed for a $100 million initial public offering of stock.
In June, the company announced the acquisition in April of B-Ready Outsourcing to provide back-office services to users of Schwab’s Portfolio Center portfolio management system.
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