Envestnet is acquiring U.S. TAMP solutions provider FundQuest. The wealth management solutions provider will pay a total of around $24.4 million in cash for the acquisition. As part of the deal, the buyer will expand its mission to provide tools and solutions that impact investing and practice management for end clients. The transaction, which is subject to customary closing conditions, is scheduled to close in the fourth quarter of 2011.
Click here for the release from Business Wire.