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Karl Roessner, CEO of Vestmark

Practice Management > Building Your Business > Leadership

Former E-Trade CEO Tapped to Lead Vestmark

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What You Need to Know

  • Vestmark has shuffled and expanded the top of its executive management team.
  • Former E-Trade CEO Karl Roessner has replaced Mike Blundin, who is now president and COO.
  • Roessner will lead the firm's new business growth and expansion into new product lines, the company said.

Vestmark has expanded its executive leadership team, naming former E-Trade CEO Karl Roessner as its new CEO.

Roessner will be “responsible for the vision and strategic direction” of the wealth management software and services provider, including its new business growth, expansion into new adjacent product lines and broadening Vestmark’s partnerships across the fintech ecosystem, the company said.

Roessner replaced Mike Blundin, who has shifted into a new role as Vestmark president and chief operating officer, the firm said.

In his new role, Blundin is responsible for core business supporting client success, Vestmark said.

That includes leading internal operations, VestmarkONE platform development, Vestmark’s advisory services including direct indexing, and service programs for Vestmark’s asset management and wealth management clients, the firm said.

“As I have gotten to know Karl over the last year, it became clear that his unique combination of commercial and industry expertise, executive leadership, board-level experience and enthusiasm for Vestmark perfectly complements the skills and focus of our executive team,” according to Blundin.

“I couldn’t be more thrilled to collaborate closely with Karl toward advancing our mission of building more sophisticated, personalized and scalable investment solutions for clients across the wealth spectrum while growing Vestmark’s footprint in new markets,” Blundin said in a statement.

Roessner has more than 25 years of executive management, board engagement and public company experience, as well as a “deep understanding of the capital markets,” according to Vestmark.

Most recently, Roessner was CEO of Lefteris Acquisition Corp., a special-purpose acquisition company focused on the fintech sector.

Prior to that, he was with E-Trade from May 2009 to December 2019, according to his LinkedIn profile. He joined that company as executive vice president, general counsel and corporate secretary. Roessner was promoted to E-Trade CEO in September 2016 and remained in that role until August 2019. He also served as a member of E-Trade’s board of directors.

Morgan Stanley said in Feb. 2020 that it was buying E-Trade for $13 billion in stock.

Earlier in his career, Roessner was a partner in the M&A Group at Clifford Chance, a global law firm.

“Vestmark is uniquely positioned to combine its deep investment expertise with innovative, scalable and robust technology to transform the way we invest,” Roessner said in a statement.

Vestmark’s Software-as-a-Service platform now supports more than $1.5 trillion in client assets and over 5 million accounts, it said.

 (Pictured: Karl Roessner, CEO of Vestmark)


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