US asset management firm to expand operations in Kerala

Sunday, 21 January 2007, 06:00 Hrs
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Thiruvananthapuram:Envestnet Asset Management, a leading US-based firm which provides independent wealth management solutions for financial advisors, has announced strengthening of their operations in Kerala.

Headquartered in Chicago, Envestnet is a pioneer in adopting the Software as a Service (SaaS) for major financial institutions including ING Financial Network, Northwestern Mutual Wealth Management Company, Harris Bank, to name a few.

"The backbone of our entire operations is based here. We plan to increase our current employee strength of 165 to more than 200 soon. Our revenues touched $64 million (2.8 billion) in 2006," said Babu Sivadasan, senior vice-president, engineering, Envestnet, to reporters here Saturday.

The Kerala office supports the technology development, maintenance, operations and administration aspects in wealth management.

"By embracing SaaS in 1999 in the US, we are able to offer a highly customizable platform to support various segments of the wealth management space. Today we are the second largest independent platform for wealth management solutions and we currently provide solutions that manage $37 billion (1,633 billion) in assets under management," Sivadasan said.
Source: IANS
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