Envestnet president stepping down as company restructures to ‘streamline’ business

Stuart DePina is relinquishing the purpose of Envestnet president as the business undergoes a reorganization to streamline its operations.

The Chicago-dependent tech agency and turnkey plan declared a series of organizational changes this week with the target of expansion and simplification. Going ahead, the organization will restructure into 3 business enterprise lines: Envestnet Options, Envestnet Data and Analytics, and Envestnet WealthTech. 

Officers say Envestnet’s new enterprise traces set the company up to supply on CEO Invoice Crager’s eyesight of the “intelligent fiscal lifestyle.” More than the past two a long time, the business has produced an ecosystem to deliver its clients with the technological know-how, knowledge and alternatives desired to thrive. 

But with that development, Envestnet outgrew its framework and has recognized this new framework to build a construction that is scalable for the organization’s anticipated expansion around the following 10 several years, according to the organization.

In regards to DePina, officials said he built the decision to action down at the end of June and will keep on being an advisor to Envestnet. Considering that joining the corporation 10 years back, DePina has led Envestnet’s Tamarac and facts and analytics firms, as effectively as served as the company’s president since 2019. 

“Stuart and I have been partners for over 10 decades, and he has been instrumental in how we have grown in excess of these years — and importantly, how we have brought the company far more closely with each other about these last two yrs,” Crager mentioned in a statement. “We have been doing work to put in position an group that will generate Envestnet forward, and Stuart has been important in making present-day announcements doable.

“His impact will carry on to be felt by our consumers and shareholders for many years to occur, and I am so pleased he has agreed to go on on this journey with us as an advisor.”

Dana D’Auria has been named team president and co-chief expense officer of Envestnet Solutions. This enterprise line presents the prosperity and asset management alternatives throughout Envestnet’s ecosystem, like exploration, overlay, portfolio management, direct indexing, sustainable investing and retirement services.

Envestnet Knowledge and Analytics, led by team president Farouk Ferchichi, “brings alongside one another the combined capabilities of Envestnet | Yodlee, Envestnet Analytics, Envestnet Abe.ai and a lot more to provide as the foundation by which Envestnet creates and deploys personalised and actionable insights and intelligence for its small business traces and segments,” the firm stated.

Tony Leal has been named team president of Envestnet WealthTech, which comprises the prosperity technological know-how alternatives and platforms that support Envestnet’s advisory segments and Tom Sipp will serve as Envestnet’s govt vice president of business enterprise traces and will supply leadership that will carry the initiatives of all three segments with each other, officers claimed. 

“This new composition marks a pivotal moment for Envestnet and sets the direction and speed of our enterprise for the next decade of advancement,” Crager said in a assertion. “Aligning our business lines in this way lets us to much better innovate and combine our details intelligence, know-how, and answers for customers, and execute on methods that align with our vision to provide as several individuals as doable with the benefit of the clever money everyday living.”

Scroll down to get caught up on other modern fintech news you could have skipped in our Wealthtech Weekly recap. And verify out final week’s recap in this article.

Melissa M. Taylor

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