Articles tagged "Envestnet"
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Bill Crager is dropping CEO role after multiple shoes dropped; the company insists it was his 'decision' but vision, Yodlee future uncertain
The co-founder of the $5.3-trillion AUA outsourcer of software and investments was pressed to take the job under the most adverse circumstances, then second-guessed by stakeholders as he managed the cards he was dealt.
January 9, 2024 at 4:09 AM
Envestnet finally may dump Yodlee, says a Bloomberg report, but either way it remains a 'wasting' asset as regulators crack down, an analyst says
Former CEO Jud Bergman made daring move in 2015 with expensive Yodlee purchase to lift the outsourcer into the big leagues but has proven mostly to be an albatross, at least to earnings
December 15, 2023 at 2:18 AM
'Something-is-broken' question draws no resounding response at Envestnet Q3 earnings call; shares still bleed, but execs see a 2024 cash flow rebound and flash an ace in the hole -- RIAs
A UBS analyst asked Envestnet's new chief finacial officer -- fresh out of BlackRock - -- if he could share in his behind-the-curtain first look and got a circumstantial answer
November 14, 2023 at 3:26 AM
BlackRock brass cited 'Aperio' again and again, today, amid analysts' grilling about 'depressed flows' -- it bought the direct-indexing unit in the feverish grab of 2020-2021
CEO Larry Fink and CFO Martin Small used the $39-billion unit, acquired for $1 billion, to show they can both grow organically and explain why they plan a new M&A round to grow inorganically.
October 14, 2023 at 1:18 AM
Bill Crager makes critical hire of 'step back from the numbers,' Joshua Warren, replacing 'brother' Pete D'Arrigo at CFO; Warren had a big role at BlackRock -- Envestnet's biggest stakeholder
The Envestnet CEO gets 'very, very impressive' 43 year-old BlackRock exec; the New York asset manager happens to be Envestnet's largest stakeholder.
September 27, 2023 at 2:48 AM
Bill Crager signals comity with Lauren Taylor Wolfe and Envestnet also has a Sipp secret weapon, analyst says
The Envestnet CEO says he has 'constructive alignment and full support' of Wolfe and his board and has pivoted to a focus on 25% profit margins -- and no extra cash flow burn for reinvestment
August 11, 2023 at 12:36 AM
Envestnet recalls buggy MoneyGuidePro upgrade after RIA backlash, and all advisors are -- for now -- back on the legacy version
The Berwyn, Pa., firm concedes its roll-out 'disrupted' advisors businesses, but advisors remain as miffed about the 'zero' communication and slowness to take action as they are about haywire systems.
June 2, 2023 at 2:32 AM
Envestnet will roll out RIA custody by 2024, disputing Bernie Clark's lean Schwab profit math, by citing average 15-basis-point margins
The Berwyn, Pa. company says Schwab's own public disclosures Clark's 'nine basis point' claims, though Envestnet will likely need to hand over as much as half the take to FNZ, a competitor says
May 13, 2023 at 1:03 AM
With a 'loud' RIA custody outburst under ex-Schwabbie, SEI piles onto a mob effort to break Schwab/TDA RIA custody stranglehold
Gabe Garcia is not alone seeing Schwab's ballooning scale as something to pop-- with Envestnet, Altruist, Goldman, LPL, TradePMR and AssetMark all working on new delivery models.
May 5, 2023 at 3:44 AM
Envestnet lets the 'Wolfe' in the door after she huffed and puffed in the media -- now she promises to deliver 'ownership mentality' on the outsourcer's board
Lauren Taylor Wolfe simply would not take 'no' for answer, an activist shareholder tactic that is bearing her fruit; Envestnet's shares stayed flat while she made clear she has more cards to play.
March 29, 2023 at 1:33 AM
Bill Crager rebuts what activist hedge fund investor alleged by promising Envestnet is 'turning corner' on profit margins
The embattled CEO says he 'talked to lots of investors' last quarter during the verbal assault and also laid out his case to Wall Street analysts -- Envestnet's profit margins and market share are expanding.
February 24, 2023 at 1:30 AM
Bill Crager shuffles the deck on management team created just seven months ago: Tony Leal is out of 'Big Three' inner circle, replaced by Morgan Stanley vet Rose Palazzo
The RIA software 'trailblazer' and co-founder of MoneyGuidePro has been working on departure for a year; will transition to a 'consultant,' company says
January 7, 2023 at 1:50 AM
Lauren Taylor Wolfe goes for Envestnet's throat by demanding four of seven board seats -- including her own -- in what one analyst views as a budding 'hostile [board] takeover'
The 7.5% stakeholder in New York City claims the Berywn. Pa., firm has been run with an 'abandonment of fiduciary responsibility.'
January 5, 2023 at 5:16 AM
Biz Briefs: SEC cracks down anew on RIA reverse churning ~ Envestnet borrows $350 million to buy its own stock ~ Fidelity is creating a crypto waiting list while exec questions crypto ecosystem
Fed up SEC is ready to take on all nonsense at once; stock shocks, Orwell's new name game; Fidelity hosts a line dance
November 18, 2022 at 2:56 AM
After Envestnet rebuffed an ESG hedge fund's demand for a board seat, the fund managers sent a shrill, scalding letter in retaliation to force the issue
The Berwyn, Pa., firm invited invective by allegedly stiff-arming the startup ESG fund's request, even though it holds a 7.2% stake in the company.
