ENVESTNET, INC. - ENV STOCK NEWS

Envestnet (NYSE: ENV) has finalized a definitive agreement to be acquired by Bain Capital in a $4.5 billion transaction, valued at $63.15 per share. Reverence Capital will also participate, with strategic partners like BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors holding minority stakes post-transaction. Envestnet manages over $6 trillion in assets, supporting 109,000 financial advisors and 800 asset managers. The transaction, expected to close by Q4 2024, will convert Envestnet into a privately held company. Advisors for the transaction include Morgan Stanley and Paul, Weiss for Envestnet, and J.P. Morgan and Ropes & Gray for Bain Capital.

Envestnet has released its 2024 Advisor Perspectives Survey, which explores the current state and future trends of financial advisory practices. The survey includes responses from 290 financial advisors and highlights several key insights: the most significant untapped opportunity is holistic advice, with a growing preference for all-in-one technology solutions. Advisors also anticipate a shift towards fee-based services and see organic growth as a critical challenge. Additionally, 36% of advisors plan to target next-gen investors by adding digital tools within the next two years. Interestingly, data and AI are underappreciated opportunities according to the survey. Advisors are also placing a greater emphasis on integrated technology stacks to enhance client experiences.

Envestnet aligns its strategy with these findings, aiming to drive advisor growth through a comprehensive wealth management platform. The complete survey covers additional areas such as investment alpha, firm valuation, high-net-worth services, financial planning, and client portals.

Fidelity Investments and Envestnet (NYSE: ENV) have expanded their 20+ year partnership to enhance Fidelity Managed Account Xchange® (FMAX), a comprehensive wealth management platform. This expanded collaboration integrates industry-leading technology, proprietary data management, and investment solutions to serve a broad range of wealth management firms and advisors.

Key features include ongoing tax management for model portfolios, enhanced insights through Envestnet’s data aggregation and performance reporting, and a new FMAX Essentials offering aimed at smaller firms. The partnership aims to help advisors streamline account management, improve client relationships, and offer holistic financial planning services.

Fidelity's Wealth Advisory Institute will continue to provide educational resources, research on investment managers, and portfolio construction strategies to support advisors in scaling their businesses.

Envestnet (NYSE: ENV) announced deepened relationships with BlackRock, Fidelity, Franklin Templeton, and State Street Global Advisors to offer personalized investment strategies. These partnerships aim to provide Unified Managed Account (UMA)-eligible direct indexing and custom high-net-worth (HNW) solutions on Envestnet's platform. The initiative will enable over 109,000 advisors to deliver tailored financial solutions to their clients. The collaboration focuses on personalization, sophisticated solutions for HNW and ultra-HNW clients, and personalized consulting for accounts over $1MM. This strategic move aims to enhance the advisor and investor experience, leveraging Envestnet's comprehensive integrated platform.

Envestnet (NYSE: ENV) announced the winners of its 2024 Asset Manager of the Year Awards at its Elevate conference. Causeway Capital Management earned the top honor for its Causeway International Value ADR Strategy. Envestnet's Co-Chief Investment Officer Dana D'Auria praised the winners for their exceptional performance and innovative strategies. The selection process involved a comprehensive review by Envestnet | PMC's research team, focusing on 2023 performance, team quality, process discipline, alpha thesis, and competitive advantage. Other winners include Vanguard, Jennison, and ClearBridge in various categories.

Envestnet has launched its primary event of the year, Elevate 2024, in Phoenix, Arizona from May 13-15. The conference gathers nearly 2,000 advisors, RIAs, enterprises, and fintechs to explore growth and productivity enabled by Envestnet's Wealth Management Platform.

The event features over 50 breakout sessions, keynote presentations, educational tracks, and a new focus on retirement planning. Keynote speakers include notable figures such as Bill Crager and Ian Bremmer.

Special themes of the event include technology consolidation, integrated workflows, customizable investment solutions, and personalized client services.

Envestnet also announced a new partnership with Salesforce aimed at unifying financial planning experiences for advisors using Salesforce’s Financial Services Cloud. The conference aims to improve advisor productivity and client outcomes through integrated technology solutions.

Envestnet and Salesforce have announced a partnership to enhance financial planning experiences for financial services customers in the United States. Through this collaboration, Envestnet's MoneyGuide financial planning capabilities will be integrated into Salesforce's Financial Services Cloud, providing advisors with a seamless platform experience.

Envestnet, Inc. (NYSE: ENV) will be participating in several upcoming investor conferences, including J.P. Morgan Global Technology, Media and Communications Conference, William Blair Growth Stock Conference, RBC Financial Tech Conference, and Jefferies Global FinTech Conference. The discussions will cover various topics related to Envestnet's integrated technology, intelligent data, and wealth solutions.

Envestnet, a leading provider of intelligent systems for wealth management, reported strong financial results for the first quarter of 2024. Total revenue increased by 9% to $325.0 million, with significant growth in asset-based recurring revenue. Adjusted EBITDA rose by 30% to $70.4 million, and adjusted net income increased by 31% to $39.4 million. The company also saw improvements in free cash flow, income from operations, and net income.