Envestnet on Tuesday appointed Chris Todd as chief executive officer of the $6.5 trillion dollar firm.
Todd will succeed Jim Fox, who served as interim CEO following the resignation of former leader Bill Crager last year. Todd recently served as CEO of Ultimate Kronos Group (UKG), a privately held software company.
“I am incredibly impressed by the Envestnet team. The company has established itself as a trusted partner to financial advisors, empowering them with the tools and insights to deliver superior outcomes for their clients,” said Todd. “…I’ve been fortunate to learn from and be inspired by visionary founders who have built outstanding companies that lead their industries. Envestnet is a prime example—a testament to Jud Bergman and Bill Crager’s dedication, passion, and forward-thinking vision.”
The firm made headlines last year after it announced it would transition to a privately held company, following its acquisition by multi-asset alternative investments firm Bain Capital. Under the terms of the agreement, Envestnet shareholders received $63.15 in cash for each share of common stock they owned, representing a transaction value of $4.5 billion.
“Chris’ appointment marks an exciting milestone for Envestnet’s next chapter. Envestnet has established a leading position within the wealth industry, supported by an incredible executive leadership team. Together with Chris, this team is poised to leverage Envestnet’s capabilities and chart an ambitious path forward,” said Phil Loughlin, partner at Bain Capital.
Private investment firms Reverence Capital and Norwest also participated in the transaction. Strategic partners BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors, who hold minority positions in the private company, participated in the transaction.
Bain Capital completed its acquisition of Envestnet in November.
Envestnet currently serves over 20 million accounts, with a network of more than 111,000 advisors and over 500 of the largest registered investment advisors (RIAs).
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