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August 08, 2011 at 10:12 AM
Envestnet, which began its corporate life as a turnkey asset management provider, announced Friday an agreement to acquire FundQuest Inc., a TAMP with $15 billion in AUM and administration, for $24.4 million in cash. The cash deal is expected to close in the fourth quarter of 2011.
FundQuest is the U.S. TAMP provider of French-based multinational bank BNP Paribas, and is part of BNP Paribas Investment Partners. FundQuest’s non-U.S. operations are not affected by the acquisition.
In an interview for the June 2011 cover story of Investment Advisor, Envestnet (ENV) cofounder and Chairman Jud Bergman (left) disclosed that Envestnet planned to do “one or two” acquisitions in the coming year that would accelerate its planned 20% annual organic growth.
Those “selected” deals, he said, would be either financially accretive and provide access to more advisors in the channels Envestnet already served, or be strategic acquisitions of application providers that add to or enhance functions on the Envestnet platform. Bergman characterized those types of acquisitions as “value accretive.”
