Envestnet completes Prima Capital acquisition
Envestnet has bought Prima Capital.
Envestnet has confirmed it has completed its acquisition of Prima Capital, which should enhance the wealth management solutions it can provide.
Chairman and chief executive officer of Envestnet Jud Bergman said the deal reaffirms his business' commitment to helping advisors achieve the best outcomes for their customers through the tools it provides.
Founder, president and chief executive officer of Prima Gib Watson remarked: "Our acquisition by Envestnet enables us to continue delivering top quality products, services and solutions to meet our clients' evolving needs."
This is part of a long-term strategy Envestnet is pursuing, which could be bolstered through negotiation strategies.
The company said it intends to increase the pace of its growth by engaging in strategic acquisitions.
Last December it bought FundQuest and at the moment, it is purchasing Tamarac, the business pointed out.
Tamarac is headquartered in Seattle in Washington and currently manages assets worth more than $250 billion (£157.66 billion).
Posted by Edel Quinn
Source: Envestnet press release, April 5th