Envestnet, the Chicago-based firm that provides wealth management solutions for financial advisors, has agreed to acquire Prima Capital Holding.

Prima Capital Holding provides investment manager due diligence, research applications, asset allocation and modeling and other services to wealth managers and retirement planning professionals.

The deal follows several other large firms that have executed acquisitions of smaller specialists in due diligence and unified managed account strategies. LPL Investment Holdings, for instance, set the industry abuzz with its pending purchase of Fortigent, announced last month. 

“Prima is a market leader in delivering institutional quality investment manager research and due diligence to top-tier wealth management organizations,” Jud Bergman, founder and chief executive officer of Envestnet said in a statement. “We are eager to extend Prima’s core offering with Envestnet’s technology, product depth and portfolio management capabilities as well as augment our own due diligence and research offering.”

Donna Mitchell writes for Financial Planning.