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Deals & People February 10, 2012
Envestnet to Acquire Prima Capital
Envestnet Inc., a provider of wealth-management solutions for financial advisers, is acquiring Prima Capital Holding Inc.
Reported by Corie Russell
Prima’s clientele includes regional broker/dealers, trust companies, independent registered investment advisers (RIAs), family offices and seven of the top 20 U.S. banks by total assets.
The acquisition of Prima enables Envestnet to deliver more research-based solutions to financial advisers and enhance its due diligence process.
Envestnet is acquiring Prima for $13.75 million in cash, subject to certain post-closing adjustments. The acquisition is expected to be complete by April 15, 2012.