Envestnet Tamarac has agreed to acquire PortfolioCenter, Schwab Performance Technologies' portfolio management and reporting technology product for independent registered investment advisers.
Terms of the deal were not disclosed.
“Portfolio accounting software is the cornerstone of any practice, and PortfolioCenter is one of the most widely trusted solutions amongst RIAs, which is why we originally selected it as our underlying technology,” said Andina Anderson, executive managing director of Envestnet Tamarac. “With this acquisition, we will be able to build on all of the investments we’ve made in the technology including: extending it into a cloud-based application, enabling an open architecture ecosystem and driving greater efficiency to RIAs who rely on PortfolioCenter.”
More than 3,000 advisory firms use PortfolioCenter either directly from Schwab Performance Technologies or from Envestnet Tamarac.
