James Patrick, former co-head of US distribution at Allianz Global Investors, has joined Envestnet as managing director for the advisor managed programs, Patrick will lead the Chicago-based firm's efforts to distribute advisor directed offerings.
Company Press Release
CHICAGO--(BUSINESS WIRE) --Envestnet today announced the addition of James Patrick, former Co-Head of US Distribution for Allianz Global Investors and former executive board member of the Managed Money Institute (MMI), as the new Managing Director for their Advisor Managed Programs. In this new position, Patrick will lead the Company’s efforts to distribute and enhance Envestnet’s advisor directed offerings.
“Jim is a tremendous addition to the Envestnet team. He has a long history of presenting institutional-quality strategies to the advisor marketplace,” said Bill Crager, President of Envestnet. “His strengths and expertise in assessing the needs of the advisor will further establish Envestnet’s leadership position for delivering objective advice and top-quality service and support to the advisor community.”
There has been a surge in the growth of advisor managed programs (including Unified Managed Accounts, Rep as Advisor and Rep as Portfolio Manager). As of 2Q09, according to Cerulli, advisor managed programs represent more than 35% of the $1507.9B in total managed assets.1 Envestnet envisions further growth in the advisor managed account area, but with the important addition of macro-economic and asset allocation guidance delivered by a leading selection of institutional asset allocation strategists. As the recent market turmoil and its fallout have highlighted, there will be new regulatory concerns and shifting advisor practice patterns that need to be addressed in a new way.
“Overall, investor confidence in the financial services industry, in the markets and in their asset allocation beliefs are on shaky ground,” said Patrick. “Now is the time for advisors to reaffirm their value proposition and deliver solutions that put clients in a position to get back on track to reach their goals. I am excited to be working with Envestnet to deliver innovative solutions that will empower advisors to do this. Envestnet’s history of innovation and complete objectivity is inspiring. It’s an amazing group of people and platform to work with.”
Envestnet’s Advisor Managed Programs currently represent more than $25 billion of the Company’s total platform assets.2 In the coming months, the Company plans to engage with new partners and providers to establish a tier of new services – that include discretionary and non-discretionary advisory programs - that will potentially enhance the advice advisors are offering to their clients. Envestnet believes these new solutions will grow rapidly once introduced to the market.
“Today’s market environment calls for a new way of thinking about advisor managed programs,” said Crager. “With Jim Patrick leading these efforts for us, we believe Envestnet is positioned to truly increase the value that advisors can offer their clients.”
ABOUT ENVESTNET ASSET MANAGEMENT
Envestnet is an advisor’s gateway for expert wealth advisory solutions. Through an integrated technology platform, the company offers a broad range of investment products as well as fee-based services and solutions that include extensive reporting capabilities and front-, middle-, and back-office administrative tools to the independent financial advisor.
Envestnet is headquartered in Chicago with offices in Denver, Los Angeles, New York, Silicon Valley and Trivandrum, India. The firm has more than $80 billion in total assets served and more than 650,000 investor accounts.*