Envestnet to buy Tamarac

Integrated wealth management provider Envestnet Inc. is in expansion mode. The firm is acquiring Tamarac Inc., a provider of portfolio management technology increasingly popular among independent registered investment advisers, for $54 million in cash. It is the second recent acquisition for Envestnet. On Feb. 10, the company said it would buy Prima Capital Holdings Inc. for $13.75 million. “While Tamarac has developed industry-leading software for re-balancing, practice management, performance reporting and [customer relationship management] integration, we value their market position within the independent-RIA segment — which is core to Envestnet's growth initiatives,” Envestnet chief executive Jud Bergman said in a statement. “We are eager to leverage Tamarac's highly sought-after solutions in combination with our integrated wealth management software and advanced portfolio solutions.” Mr. Bergman added: “As more advisers look to outsource to an integrated platform, we are uniquely positioned to meet this need now and well into the future.” Envestnet Reporting Solutions provides financial advisers an in-depth view of clients' aggregated investments. It has more than $127 billion in total assets under management or administration and more than 909,000 investor accounts. djanowski@investmentnews.com