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Envestnet Inc Agrees To Buy Prudential Financial, Inc.'s Prudential WMS-DJ


Friday, 12 Apr 2013 08:27am EDT 

Dow Jones reported that Envestnet Inc agreed to purchase Prudential Investment LLC's Wealth Management Solutions division, bolstering the size of its wealth-management services and clients. Prudential WMS, a part of Prudential Financial, Inc., administered about $22 billion on behalf of institutional clients as of December 31 and has more than 30 years of experience helping financial services firms develop their wealth-management offerings. Envestnet agreed to acquire substantially all the assets of Prudential WMS for $10 million in cash upon closing, and consideration of up to a total of $23 million in cash over three years. The deal is expected to close by early in the third quarter, though the consolidation may take a year or longer from closing.