March 22, 2011

Envestnet Continues Expansion With Two More High-Profile Hires

John Fitzpatrick, ex-Fidelity, and Sean Mullen, ex-Fortigent, join Envestnet in sales, SMA consulting roles

Envestnet Inc. announced Monday that it had hired two new executives as the latest in a series of hires at the technology-savvy investment and practice management firm, which is based in Chicago.

The newest hires are John Fitzpatrick, formerly VP of product management at Fidelity Institutional, who was named senior VP on Envestnet’s Enterprise Sales Team, and Sean Mullen, formerly of Fortigent, as VP and Director of Portfolio Strategies, Eastern Region.

In a statement, Envestnet Executive VP Lori Hardwick said that Fitzpatrick will focus on independent broker-dealers— "Envestnet currently has relationships with 38 of the top 50 independent-broker dealers, and we look forward to building on this reach with John on the team,” she said—and in the RIA space, which Envestnet PMC Managing Director Mark Osmond said in the same statement is “an area where Envestnet is further extending its reach.”

Mullen will serve as a consultant at Envestnet PMC, the company’s portfolio consulting arm, providing practice management services to Envestnet’s partners and advisors, particularly in the area of unified managed accounts (UMAs.)

(Envestnet PMC’s Mike Henkel is a regular contributor to AdvisorOne, writing on asset allocation and portfolio construction.)

In the fall of 2010, Envestnet hired Marion Asnes, formerly editor-in-chief of Financial Planning magazine, as a managing director and chief marketing officer, and Ron Fiske, formerly an executive VP at Fidelity's RIA custody unit and before that at Pershing Advisor Solutions, as managing director, strategic partnerships.

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