Envestnet is consolidating several operations into two business units, the company announced, which means Anil Arora, chief executive and vice chairman of Envestnet’s Yodlee, will be leaving his executive and operating roles by the end of next month. He remains a member of the board of directors.
The two units, Envestnet Wealth Solutions and Envestnet Data & Analytics, will be led by Bill Crager and Stuart DePina, respectively. Wealth Solutions will focus on wealth management, with Crager transitioning from the Enterprise business. The unit will incorporate technology and services, including data analytics, into a wealth management offering.
Data & Analytics is the unit responsible for fueling the company’s customer-focused offerings. The unit is the evolution of the firm’s data aggregation and enterprise data management business, which supports wealth management, financial institution and fintech customers, according to the company. DePina will be transitioning from Tamarac, the company’s advisor-facing technology platform, which will be turned over to Crager’s Wealth Solutions division.
Yodlee’s margins, meanwhile, have been improving since Envestnet acquired them. “In the three years since the acquisition, Yodlee’s revenue nearly doubled while profitability increased more than five-fold,” according to the company. Arora has been leading that growth in profit, having joined Yodlee in 2000 and then guiding the company through its IPO and Envestnet acquisition, a $660 million transaction conducted in 2015.