Quote of the week

"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

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Seattle-based Tamarac was established in 2000 by its current president Clive Springer and manages over $250 billion in assets, with approximately 500 RIA-firm relationships.

Tamarac’s position within the independent RIA segment was one of the key attractions for Envestnet, as this segment is core to the latter firm’s growth plans.

Envestnet has over $127 billion in total assets with more than 909,000 investor accounts as of 30 September last year.

“The acquisition of Tamarac is part of a long-range strategy to accelerate Envestnet's growth through strategic acquisitions,” the firm said in its statement on the merger.

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