The deal, expected to complete by June 2012.
Tamarac CEO Stuart DePina will join Envestnet as group president of Envestnet – Tamarac, said the firm.
Tamarac acquisition will enable Envestnet to provide wealth management solutions with latest technology to their Registered Investment Advisors (RIAs) for efficient delivery of customized individual account management to their clients.
Envestnet chairman, founder and CEO Jud Bergman said Tamarac’s combination with Envestnet will help it to be uniquely positioned as an integrated platform as more advisors look to outsource.
Tamarac, which jointly manages more than $200bn in assets, has a wide clientele base of nearly 500 RIA firms.
