Wealth technology provider Envestnet has completed its acquisition of Tamarac, a provider of portfolio management technology for RIAs.

The acquisition will combine the firms’ technology, products and back-office, Envestnet said at the time of the deal.

"A rapidly growing number of advisors seek a fully-integrated platform - one that provides a wide array of investment products and outsources back-office operations," said Jud Bergman, chairman, founder and chief executive of Envestnet.

As part of the deal, Tamarac’s CEO, Stuart DePina, will become group president of Envestnet, a role in which he and his team will continue to focus on integrated solutions for the RIA marketplace, the firms said previously.

Seattle-based Tamarac was established in 2000 by its current president Clive Springer and manages over $250 billion in assets, with approximately 500 RIA-firm relationships.

Tamarac’s position within the independent RIA segment was one of the key attractions for Envestnet, as this segment is core to the latter firm’s growth plans.

Envestnet has over $127 billion in total assets with more than 909,000 investor accounts as of 30 September last year.

“The acquisition of Tamarac is part of a long-range strategy to accelerate Envestnet's growth through strategic acquisitions,” the firm said in its statement on the merger.