EnvestnetPMC has put out an undisclosed bid to acquire Net Asset Management, another Web-based, turnkey provider of separately managed accounts, mutual funds and alternative investments to broker/dealers and independent registered investment advisers. The deal would create the largest independent platform for fee-based advisers in a segment that began consolidating about 18 months ago but has much further to go, an analyst said.

"The way this business is going, it is going to be difficult to solely provide managed accounts or solely provide mutual fund wrap programs," said Judson Bergman, EnvestnetPMC's chief executive officer. "Both firms will work together to create a unified platform."

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