ENVESTNET ASSET MANAGEMENT INC Profile
Envestnet Asset Management is a private investment management company that was founded in 1999 by Judson Bergman, who is still the current acting CEO. The company first began with a team of Bergman’s former colleagues and peers in order to developing a “wealth management platform that will provide advisors with the tools necessary to meet the growing expectations of investors,” recognizing the need for the integration of complex services and capabilities to run a wealth management company. Envestnet would then launch its technology platform with two major custodial options, Schwab Institutional and Pershing Advisory Services in 2000 with its headquarters in New York. Soon after, the company would utilize acquisitions to help facilitate its growth, merging with companies such as Portfolio Management Consultants, Oberon Financial Technology, and NetAssetManagement, expanding and enhancing its platform capabilities. Envestnet Asset Management currently is still headquartered in Chicago and has opened a variety of offices in Sunnyvale and Los Angeles, California, New York, Seattle, Denver, and Raleigh with an international office in Trivandrum, India. The firm has greatly expanded on its original line of services and now provides financial planning, mutual funds, exchange traded funds, fixed income, alternative investments, and other management services to its clients. Its client base is diverse and includes high net worth individuals, banking or thrift institutions, individuals, investment companies, charities, corporations, pension and profit sharing plans, and other financial institutions. Envestnet Asset Management utilizes a fundamental analysis and in house research to make its investment decisions, emphasizing investments in hedge funds and nontraditional stocks and bonds. The company primarily invests in the financial sector, which alone makes up over two thirds of its total asset allocations, and also invests in the services, technology, health care, consumer noncyclical, energy and capital goods sectors, among others, in order of decreasing asset allocation. The company has a market value of $19.2 billion as of 2015.