BlackRock acquires a 5% stake in Envestnet

In late November 2018, wealth management and asset management giant BlackRock announced that they are buying approximately five percent of Envestnet.

Envestnet is an NYSE-listed wealth management software provider that focuses on “intelligent systems” and “financial wellness”. Envestnet’s subsidiaries include, for example, Yodlee (account aggregation) and FolioDynamix (E2E advisory technology solutions). Envestnet went public (IPO) in July 2010.

BlackRock forms a strategic partnership to “boost investment technology tools for advisors and their clients”.

It has been speculated by ThinkAdvisor that the Blackrock-Envestnet deal is part of a “broader game”.