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Envestnet announces agreement to acquire FundQuest Inc

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Envestnet has entered an agreement to acquire FundQuest Inc, BNP Paribas’ US provider of TAMP solutions. The Boston-based firm had approximately USD15 billion in assets under management and administration as of June 30, 2011.

In 2010, Envestnet and FundQuest Inc. entered into a Platform Services Agreement under which Envestnet agreed to provide Envestnet’s leading wealth management platform to FundQuest Inc. clients, which has been fully implemented. This acquisition will enable the combined firm to build upon this platform and offer more efficient and integrated wealth management solutions.

The acquisition of FundQuest Inc. extends and expands Envestnet’s mission to provide tools and solutions that positively impact investing and practice management for their end clients. FundQuest Inc and Envestnet clients will immediately benefit from the powerful combination of the two firms’ investment management and research teams, sales teams, and tighter integration between the sales and product development teams.

“FundQuest Inc. has dedicated itself to delivering proven solutions and exceptional support to their clients,” says Jud Bergman (pictured), Chairman, Founder and CEO of Envestnet. “We are eager to build upon FundQuest Inc.’s track record and deliver even better solutions for our expanded client base, empowering more advisors to achieve excellence in performance and client service.”

“Envestnet and FundQuest US formed a strategic partnership in February 2010. This cooperation has been very efficient and has created positive added value for both companies. The sale of FundQuest US to Envestnet is a natural extension of the initial partnership and will provide FundQuest US clients with an extended service,“ says Charlotte Dennery, CEO of FundQuest.

“Joining Envestnet will enable us to streamline the service model to our client base and enhance our investment management product offering by combining Envestnet’s impressive universe of products and managers with FundQuest’s innovative due diligence and customization capabilities,” says Lincoln Ross, President and CEO of FundQuest Inc.

Since its founding in 1993, FundQuest Inc has provided managed account programs, overlay portfolio management, mutual funds, institutional asset management and investment consulting to registered investment advisors, independent advisors, broker-dealers, banks and trust organisations.

Under the terms of the agreement, Envestnet will pay approximately USD24.4 million in cash for all of the outstanding shares of FundQuest Inc., subject to certain post-closing adjustments. Envestnet will fund the acquisition with available cash. The acquisition is subject to customary closing conditions, including third-party consents, and is expected to be completed during the fourth quarter of 2011. Upon closing, the Platform Services Agreement will be terminated. FundQuest Inc.’s assets are currently classified as assets under administration on the Envestnet platform. Upon closing of the acquisition, approximately USD6 billion of FundQuest Inc.’s assets will be reclassified to assets under management for Envestnet.

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