Several existing senior executives will be stepping into new roles amid what Envestnet refers to as organizational changes announced on Tuesday. Those changes include formally reordering the technology giant’s many offerings into distinct business units. Specifically, the firm has create three units: Solutions, Data and Analytics, and WealthTech.
Dana D’Auria has been named group president of Envestnet Solutions and continues in her present role of co-chief investment officer (which she has held for almost two years). The Solutions unit includes research, overlay, portfolio management, direct indexing, sustainable investing and retirement services. This also includes the firm’s partnerships with its exchanges and third-party wealth and asset management service providers.
At the helm of the Data and Analytics unit will be Farouk Ferchichi. This unit combines what previously was Envestnet | Yodlee, Envestnet Analytics and Envestnet Abe.ai. among other tools. Ferchichi joined the firm in March 2021 as chief data and analytics officer.
Tony Leal will head up the firm’s new WealthTech unit. Leal helped lead the venerable financial planning application MoneyGuide Pro since its founding in 1997 and through its acquisition by Envestnet in 2019. Envestnet WealthTech will comprise the wealth technology solutions and platforms that serve the firm’s advisory customer base and include both the MoneyGuide and Tamarac platforms, as well as end-client tools.
Tom Sipp will serve as Envestnet’s executive vice president, business lines, helping to oversee and coordinate between the three units.
Also part of the announcement was the departure of longtime executive Stuart DePina, who will be stepping down at the end of June. He most recently served as Envestnet’s president under CEO Bill Crager. Prior to that, he had run the Yodlee unit and was Tamarac’s CEO at the time of Envestnet’s acquisition in 2012.
