Envestnet mulls own IT park

By Joe A. Scaria THIRUVANANTHAPURAM , TNN | Jan 22, 2007, 06.20 PM IST

THIRUVANANTHAPURAM: US-based wealth management solutions major Envestnet Asset Management, which has its software systems team operating out of Thiruvananthapuram, is weighing the option of having its own park in the Kerala capital.

Envestnet senior vice president Babu Sivadasan said here that the company was steadily increasing its headcount in Thiruvananthapuram and that an exclusive IT park was under consideration. Envestnet presently has 165 staffers here and 170 employees based in the US.

The company, which offers a unique wealth management platform for major financial institutions including ING Financial Network, Northwestern Mutual and Cain Waters and Associates besides leading financial advisors, had revenues of $64 million in 2006, and $37 billion in assets under management.

Mr Sivadasan said the company��s revenue target for the near term was $150 million, adding that he foresaw a strong performance in the coming years considering that the financial advisory market in the US dealt with a market that had roughly $8 trillion in assets under management.

He ruled out the likelihood of the company offering the platform for use in the Indian financial advisory market in the near future. Mr Sivadasan said the headcount in Thiruvananthapuram was poised to be raised to 200. In the US, the company has offices in Chicago, Denver, Los Angeles, New York and Silicon Valley. End

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