Envestnet, a major wealth management solutions provider for financial advisors, has snapped up Tamarac, the portfolio management technology specialist, for $54 million, the companies announced.

After the deal’s expected closing in May, Envestnet-Tamarac will focus on the portfolio management services for which Tamarac is well known in the industry, particularly for its Advisor Xi suite of investment and technology solutions for RIAs.

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