Envestnet Announces Organizational Changes to Drive Innovation and Continued Growth
Envestnet (NYSE:ENV), announced today an organizational structure designed to better position the company to drive innovation
and continued growth, and deliver on its vision of creating the premier Financial Wellness Network. Key organizational changes
include consolidating operations into two business units that will enhance the company’s ability to meet evolving market
imperatives.
“These changes will give our clients greater access to our integrated technology and improve operational effectiveness,” said
Jud Bergman, Envestnet Chairman and CEO. “Aligning the organization into two business units will foster innovation and facilitate
the transformation of data into actionable intelligence in all areas of financial wellness.”
Envestnet Wealth Solutions, led by its Chief Executive Bill Crager, will focus on innovation and market growth of the
company’s wealth management solutions, which serve RIAs, independent broker dealers, banks and other financial institutions. Crager
currently runs the Company’s Enterprise business. “We are integrating our broad range of technologies, services, investment
products and data analytics into one wealth management organization,” said Bill Crager. “This will give our clients easier access
and deeper integration to our solutions, saving them time, improving their operational efficiency and freeing them up to build
stronger client relationships.”
Envestnet Data & Analytics, led by its Chief Executive Stuart DePina, will focus on continued development of
Envestnet’s data aggregation, enterprise data management and analytics offerings that support the company’s wealth management,
financial institution and fintech customers. Envestnet’s data aggregation and personal financial management technologies are
offered through the Envestnet Yodlee platform. DePina currently runs the Company’s Tamarac business. “I’m looking forward to
leading the Data & Analytics business as we improve the financial lives of millions of Americans,” said Stuart DePina. “I also
am confident that Tamarac customers will be well-served by Bill’s leadership and our ongoing innovation in wealth technology and
data solutions going forward.”
Concurrently, Anil Arora, Vice Chairman and Chief Executive of Envestnet | Yodlee, will assist with the transition, stepping
down from his executive and operating roles at the end of February 2019, and remaining a member of the Company’s Board of
Directors. Arora joined Yodlee in 2000, leading the firm from startup to rapid growth, to its initial public offering and
Envestnet’s acquisition of the firm. In the three years since the acquisition, Yodlee’s revenue nearly doubled while profitability
increased more than five-fold.
"Leading Envestnet | Yodlee has been the most compelling professional adventure I have ever undertaken,” said Anil Arora. “It
has been a privilege to work on behalf of our customers and I would like to thank them, our Board, and above all, my colleagues,
for their support and partnership over the years."
“Anil has been instrumental in laying the foundation for our success. We are grateful to Anil for his leadership and we
understand and appreciate his decision to pursue the next chapter of his career,” said Jud Bergman. “At the same time, we are very
fortunate to have Bill and Stuart assume their expanded leadership roles. Their experience and proven results will help Envestnet
continue to deliver on our Financial Wellness vision, focused on improving people’s financial lives.”
About Envestnet
Envestnet, Inc. (NYSE: ENV) is a leading provider of intelligent systems for wealth management and financial wellness.
Envestnet’s unified technology empowers enterprises and advisors to more fully understand their clients and deliver actionable
intelligence that drives better outcomes and improves lives.
Envestnet Wealth Solutions enables enterprises and advisors to better manage client outcomes and strengthen their practices
through its leading Wealth Management Operating System and advanced portfolio solutions. Envestnet Tamarac provides portfolio
management, reporting, trading, rebalancing and client portal solutions for registered independent advisors (RIAs). Envestnet Data
& Analytics provides intelligent solutions that enable dynamic innovation through its Envestnet Yodlee platform.
More than 3,500 enterprises and over 92,000 advisors including: 15 of the 20 largest U.S. banks, 43 of the 50 largest wealth
management and brokerage firms, over 500 of the largest Registered Investment Advisors, and hundreds of Internet services companies
leverage Envestnet technology and services.
For more information on Envestnet, please visit www.envestnet.com and
follow @ENVintel.
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