Envestnet to provide money management platform for SSG

Envestnet Asset Management Inc. has signed an agreement to provide a money management platform for Shareholders Service Group Inc., a San Diego-based custodial firm that serves 700 advisers.
SSG announced the agreement today.
Peter Mangan, chief executive of SSG, said the deal will provide SSG advisers with a full, turnkey asset management platform.
“Before, our advisers had to put all the pieces together” from the initial risk assessment, to implementation, monitoring and reporting, he said.
Envestnet provides research and due diligence on money managers, a proposal-generating system, reporting and performance tracking, and fee-billing services, SSG said.
“This is a much easier way to do it,” said Mr. Mangan, who thinks the new capabilities could help SSG build more assets.
The firm currently holds $3 billion in assets in custody.
It has a niche with smaller advisers, including startups, that larger custodians tend to avoid.
Mr. Mangan said his adviser clients keep assets in custody at multiple firms, so not all of them are small.
Like other boutique players, the firm has been benefiting from migration out of broker-dealers.
“We’re adding about one adviser per day,” Mr. Mangan said.