All the assets of Prudential WMS have been acquired for $10m in cash on closing, as well as contingent consideration of up to a total of $23m in cash to be paid over three years.
Following integration of the acquired business, Envestnet’s clients will gain the benefits of its scalable wealth management platform, institutional-quality manager research and broad product access.
Prudential Investments president Stuart Parker commented, "The combination of WMS and Envestnet will provide clients of WMS with an even stronger technology and wealth management platform."
Kevin Osborn, Prudential WMS executive vice president and director, will join Envestnet as executive vice president to lead the new Bank and Bank Trust sales channel.
"This is a transformational integration that will ultimately benefit all of our clients, and especially those within the banking channel," Osborn added.
Silver Lane Advisors and Wilmer Cutler Pickering Hale and Dorr acted as financial and legal advisors to Prudential Financial, respectively, while Mayer Brown LLP served as legal counsel to Envestnet.
Prudential WMS managed nearly $23.7bn on behalf of institutional clients, as of 31 March 2013.
