Bringing you live news and features since 2006 

Envestnet announces agreement to acquire FundQuest Inc


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.

Latest News

Morningstar has published a review of the European ETF market for the first quarter 2024, which finds that it gathered..
ETF data consultant ETFGI reports that assets invested in the global ETF industry reached a new record of USD12.71 trillion..
Calastone has published an ETF white paper which examines several of the processes that take place across the lifecycle of..
Adapting product lines to fit into changing methodologies and meet shifting demand is essential to remaining relevant in the industry..

Related Articles

Kristen Mierzwa, FTSE Russell
Index Investments Group (IIG), a division within index provider FTSE Russell, has extended its range of indices through two new...
US ETF issuers of active ETFs are facing an increase in fees from the big custodian firms, such as Charles...
Taylor Krystkowiak, Themes ETFs
Themes ETFs opened its doors in December 2023, with an introductory suite of 11 ETFs – seven thematic and four...
Konrad Sippel, Solactive
At the end of March, financial index specialist, Solactive, published its 2024 annual report on future trends.  ...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by