I had a weird feeling that I’d be hearing about Envestnet week.
Even as the TAMP and tech market swelled with new competitors, strengthening competitors and blockbuster M&A, Envestnet, usually one one of the industry's top headline-grabbers, remained oddly quiet. Maybe they were just holding things quiet for their upcoming conference in May.
Then the bombshells dropped via our friends over at Citywire. First, Envestnet is closing its Chicago HQ in favor of Berwyn, Pennsylvania. The wealthtech giant is also making quick progress toward privatization, with the search for new ownership narrowed down to two private equity suitors.
I hit the phones to confirm both of these reports as well as learn that Envestnet is also closing its Seattle office, home to popular RIA technology company Tamarac. I also dive into what is driving these moves — both the office closures as well as the privatization deal.
The company has long been wealthtech’s 800-pound gorilla, and has been public since 2010. Wherever it ends up going next, it sure does feel like we are quickly entering a new era in the company’s history. | | Ryan Neal
Technology Editor, Financial Planning
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