ENVESTNET, INC. - ENV STOCK NEWS

Envestnet (ENV) has launched an Options Strategy Quantitative Portfolio (QP) to help investors manage concentrated stock positions. The strategy offers three options-based hedging solutions: Covered Calls, Protective Puts, and Collar Strategies, designed to generate income and mitigate risks while spreading taxable gains over multiple years. The solution, developed by QRG Capital Management, allows customization through a digital survey integrated into the Envestnet platform. The QRG suite of QPs has shown 40% annual growth in accounts and advisors over three years, with over $12 billion in assets under management as of Q2 2024.

Envestnet (NYSE: ENV), a leading provider of integrated technology, data intelligence and wealth solutions, has announced the release date for its third quarter 2024 financial results. The company will disclose its financial performance on Thursday, November 7, 2024, after the market closes. Due to the pending transaction with Bain Capital, Envestnet will not be providing guidance for the fourth quarter. Additionally, the company has decided not to host a conference call or webcast to review the third quarter 2024 financial results.

Envestnet is enhancing its product offerings and expanding distribution capabilities to help financial advisors better serve high-net-worth (HNW) clients. According to their 2024 Advisor Perspectives Survey, nearly one-third of advisors plan to focus more on HNW or ultra-high-net-worth (UHNW) clients. To support this trend, Envestnet has:

• Expanded its national distribution efforts within its Private Wealth Consulting business by 50%
• Enhanced its product and technology offering with solutions like direct indexing and tax overlay capabilities
• Launched a Proposal Desk supported by its Wealth Consulting Team

These initiatives aim to provide advisors with advanced tools and resources to attract and retain HNW investors, who now control more than two-thirds of investable assets. Envestnet's platform offers holistic advice and personalized services, including tax overlay, UMA-eligible direct index solutions, alternatives, options, and structured investments.

FinancialApps, a fintech pioneer, is pursuing a $100 million lawsuit against Envestnet (NYSE: ENV) for trade secret misappropriation, tortious interference, and unfair competition. The case is now headed to a jury trial in Delaware Federal Court. This development comes shortly after Envestnet shareholders approved a $4.5 billion acquisition by Bain Capital.

On September 26, 2024, Judge Jennifer L. Hall issued two opinions that dismissed Envestnet's defamation counterclaim against FinancialApps and denied Envestnet's motion for summary judgment on FinancialApps's claims. Kasowitz Benson Torres LLP is serving as lead counsel for FinancialApps, with Marc E. Kasowitz expressing satisfaction with the court's decisions.

Envestnet (NYSE: ENV), a leading provider of integrated technology, data intelligence, and wealth solutions, has announced that its stockholders have approved the pending acquisition by affiliates of vehicles managed or advised by Bain Capital. At a special meeting, approximately 99.33% of the votes represented were in favor of the merger. This approval satisfies another closing condition for the merger, following the expiration of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act on September 3, 2024. Envestnet expects to complete the merger in the fourth quarter of 2024, subject to the satisfaction or waiver of remaining customary closing conditions. The final voting results will be filed in a Current Report on Form 8-K with the SEC.

Envestnet (NYSE: ENV) has secured five awards at the 2024 WealthManagement.com Industry Awards, including the Advisor Choice Award and Best Unified (All-in-One) System. The company's ecosystem, including its Exchanges and partner integrations, was recognized for excellence in various categories.

The awards won by Envestnet are:

• Advisor Choice Award – Best Technology Provider for Innovation Platforms
• Best Unified (All-in-One) System – Wealth Management Platform
• Best Insurance Offering – Access to Annuities via the Insurance Exchange and FIDx
• Best Securities-Based Lending Offering – Accessed via the Advisor Credit Exchange Platform
• Best Defined Contribution Investment Only Provider – Envestnet and Morningstar's managed IRA solution with IRALogix

Molly Weiss, Group President of Wealth Management Platform at Envestnet, expressed pride in the recognition, highlighting the company's commitment to providing comprehensive solutions for advisors and their clients' financial needs.

Envestnet unveils new technology for RIAs at Future Proof 2024, addressing key advisor needs identified in their 2024 Advisor Perspectives Survey. The company is launching several features to streamline business workflows and increase advisor productivity:

1. Order Blotter Tool: Simplifies fixed-income trade management
2. Trading and Reporting Updates: Standalone product integrating with Managed Accounts
3. New Client Portal: Consolidates accounts with mobile access
4. RIA Marketplace: Access to fund strategist portfolios without platform fees
5. Envestnet Workplace for RIAs: Expands retirement offerings
6. Envestnet BillFin: Cloud-based advisory billing software

These enhancements aim to help RIAs focus more on client relationships and less on administrative tasks.

Envestnet (NYSE: ENV), a leading provider of integrated wealth solutions, has been recognized as a finalist for seven 2024 Wealth Management Industry Awards ('Wealthies'). This achievement highlights Envestnet's comprehensive ecosystem and innovations across various categories, including:

• Direct Indexing for Asset Managers
• Insurance
• 401(k) Technology for Retirement Plan Support
• Innovation Platforms
• Unified (All-In-One) Systems

Notable innovations include Quantitative Portfolios, the Insurance Exchange, Retire Complete, and the Envestnet Wealth Management Platform. The Advisor Credit Exchange, powering the Envestnet Credit Exchange, was also named a finalist in two categories. Winners will be announced on September 5, 2024, in New York City.

Envestnet (NYSE: ENV) reported its Q2 2024 financial results, showing total revenue increased 11% to $348.3 million compared to Q2 2023. The company experienced a net loss of $79.2 million, or $1.44 per diluted share. However, Adjusted EBITDA rose 39% to $77.8 million, and free cash flow increased 83% to $67.0 million. Asset-based recurring revenue grew 18%, representing 63% of total revenue. The company recognized a non-cash goodwill impairment charge of $96.3 million and a non-cash gain on deconsolidation of $19.5 million. Envestnet's balance sheet showed $122.0 million in cash and $892.5 million in outstanding debt as of June 30, 2024.