Envestnet Acquires Wealthtech Provider Vestmark
Envestnet has agreed to acquire wealth management technology provider Vestmark, which supports over $2 trillion in assets across more than 5 million accounts. The deal is expected to close by the end of this year and will integrate Vestmark's trading, tax transition, and engineering capabilities into Envestnet’s ecosystem. The acquisition aims to create a unified platform for wealth management operations, enabling firms of all sizes to manage portfolios at scale. It also positions Envestnet to expand beyond its current markets—such as independent broker/dealers—to the wirehouse market through Vestmark's institutional-grade trading capabilities. The combined entity will continue developing both companies' platforms and integrate AI into key workflows. This move follows recent investments by Envestnet in Tamarac, a portfolio management platform for RIAs, including a $35 million boost to enhance its AI integration. Vestmark also recently launched the Center for AI Research and Development (CARD) in Boston to advance AI-driven solutions across wealth management processes.
