Citywire This Week in Wealth

Envestnet makes a $750m bet; is Claude a friend or threat?

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Envestnet paid $750m to buy rival portfolio management software company Vestmark and is partially funding the deal by syndicating a new $625m term loan. These details and more came from investor materials viewed by Citywire. This Week in Wealth breaks down the numbers and looks at what the deal might mean for the combined company.
The team also explores Anthropic’s latest RIA-adjacent launch: a Claude-based personal finance tool. While the AI firm says that the tool is not designed to give investment advice and has gone to great efforts to woo wealth managers, advisors are nonetheless wary.
There are literally 90 seconds on Schwab CEO Rick Wurster’s meeting with top RIA execs and maybe some bad British accents right at the end.
13 Nov English United States Investing

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