Envestnet to ramp up Kerala operations

Asset management firm to up headcount to 200.

Envestnet Asset Management, a leading player in the wealth management solutions scenario of the United States, has firmed up plans to strengthen its operations in Thiruvananthapuram.

The company boasts of being the first integrated provider of a unified platform for fee-based wealth management solutions in the US.

According to Baby Sivadasan, senior vice-president, Envestnet, the company's USA platform infrastructure is powered by a team of technology and operations professionals based in Thiruvananthapuram.

"We have acquired an additional office space in the city to support our near-term expansion plans. Envestnet plans to enhance the team strength to 200 employees at its state-of-the-art facilities in Thiruvananthapuram to provide access to a larger clientele in their investment platforms," Sivadasan said.

The company already has a software systems development facility in Thiruvananthapuram with a headcount of 165. Sivadasan added that Envestnet India would continue to focus on continuous technology upgradation and would conduct regular competency building programmes to keep its staff updated.

"In addition to the normal employee benefits offered by other IT and ITeS players, the Envestnet employees are offered stock options of the US company," he said.

The company has also registered significant customer wins and crossed $37 billion in assets under management in 2006.

The company said it recorded a strong market adoption for its leading wealth management platform by completing the deployment of its unified wealth management platform for major financial institutions including ING Financial Network, Northwestern Mutual Wealth Management Company, Harris Bank, Cain Waters & Associates and PrimeVest Financial Services during the year.

According to Sivadasan, Envestnet offers a web-based end-to-end wealth management platform that allows the financial advisers and institutions to manage their expanding portfolio of fee-based financial products.

"The platform has the capability for industry-leading asset allocation techniques, marketing tools for advisers, client and performance reporting billing tailored for each firm and back-office processing. It can also provide services for separately managed accounts, mutual fund wrap portfolios and multi-manager accounts," he added.

The company targets revenues to the tune of $150 million for the near term, a company official said. Envestnet's revenues for the year 2006 stood at $64 million.

On the company's possible entry into the Indian financial advisory market, Sivadasan said it would take a while before Envestnet would decide on that.