FundQuest, a leading global investment and managed account services company announces today, that it has entered into a platform services agreement with Envestnet Asset Management, Inc. (Envestnet), an innovative provider of wealth advisory solutions, industry-leading technology and back office operations. FundQuest provides managed account services to more than 180 financial advisory firms.
This strategic partnership will enable FundQuest to enhance its integrated advisor support services offering, which includes: advanced advisor productivity tools, high-quality back-office services, sophisticated investment management and research services and advisor consulting services.
"This agreement will give FundQuest the opportunity to leverage both the capabilities and scale of Envestnet's technology platform as we continue growing our integrated and customized advisory product solutions," said James L. Fox, CEO of FundQuest. "We will now have increased flexibility to develop additional investment products, introduce new investment solutions to the US marketplace and leverage the vast resources of BNP Paribas Investment Partners."
Under the agreement, Envestnet will provide elite technology and operational platform support to FundQuest. It will also maintain and develop new technology that will enable FundQuest to create innovative investment solutions to meet the needs of advisors and their clients. In addition, Envestnet will bring its expertise in back-office functionality to FundQuest, assisting the firm with account initiation and set-up; custodial download processing; account trading and reconciliation; and computation of performance reports.
"The strategic partnership between FundQuest and Envestnet will provide more advisors with enhanced access to open architecture solutions, services and technology, empowering them to deliver on their fiduciary commitment to clients," said Jud Bergman, CEO of Envestnet. "We see this as an exciting opportunity to help FundQuest to continue to deliver innovative investment solutions, while bringing increased efficiency to the planning and advisory process."
Envestnet has assembled a comprehensive array of advanced functionality—all easily accessible through a single gateway designed to provide at-hand resources that bring a new level of support to the financial community —allowing for maximized operational efficiencies and streamlined practice management. The transition to Envestnet's technology and operational support services is expected to be completed within the next 90 days.
ABOUT ENVESTNET
Envestnet's Advisor Solutions Platform SM provides the widest range of investment products and practice management solutions for independent financial advisors. The Company's innovative technology empowers the fiduciary process by unifying financial planning, proposal generation, portfolio/account implementation, management and trading, as well as reporting and ongoing portfolio monitoring.
Envestnet is headquartered in Chicago with offices in New York, Denver, Silicon Valley and Trivandrum, India. As of 12/31/2009, the firm has over $89 billion in total assets served (this includes assets under management, administration and licensing agreements) and more than 685,000 investor accounts.
ABOUT FUNDQUEST
FundQuest is a leading provider of managed account programs, overlay portfolio management, mutual funds, institutional asset management, and investment consulting to RIAs, independent advisors, broker-dealers, banks, and trust organizations. FundQuest's services are employed by more than 180 financial advisory firms. Since 1993, FundQuest has delivered innovative and flexible open architecture investment solutions. www.fundquest.com/usa
FundQuest is part of BNP Paribas Investment Partners which has assets under management and advice of $489 billion (Sept 30, 2009). FundQuest's services are offered in the U.S. through FundQuest Incorporated, a registered investment advisor based in Boston, MA. FundQuest is part of one of the world's largest financial services firms, BNP Paribas, which has been named one of the most stable global financial institutions by Global Finance magazine. www.fundquest.com/usa
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Contacts:
Envestnet
Stephen Kennedy, 203-378-1152, ext. 118
or
Fundquest
Jim
Graves, 617-526-7386
jgraves@fundquest.com
