Envestnet, Inc. (NYSE:ENV) Q3 2019 Earnings Conference Call - Final Transcript
Nov 07, 2019 • 05:00 pm ET
[Operator Instructions] We'll go first to Devin Ryan from JMP Securities. your line is open.
Thanks a lot, and good afternoon. And I would also like to formally extend condolences to the Bergman family and the entire Envestnet team here. So with that I guess the first question would just be with the loss of Jud obviously tragic and then it sounds like from the prepared remarks that the strategy isn't expected to change much. But I'm just curious kind of with the management team in place today how the decision-making process will change at all just given that he was such a driving force? And then I also think that some believe that outside interest in the company that an acquisition opportunity could increase. So I'm just curious how you would kind of address that possibility today under the circumstances?
Thank you very much Devin and very much appreciate your thoughts. We are a tight knit group of people and had worked together for years. Jud and I worked together for 20 years since the beginning of Envestnet and as a core team that's really supported Envestnet since our beginning. Stuart DePina ran Tamarac that was a transaction that we did about seven years ago and has really become a core leader with us as we've kind of established the vision created the road maps and began to execute towards this very powerful concept of creating a network and a foundation to make financial wellness a reality. We are super focused on that.
We are working as we always have as a very collaborative management team leadership team and we are -- we have a group of people here that know the industry I think better or as well if not better than anybody else in our industry. And we also have a cohesion or a culture of collaboration. It's just something that is -- we've nurtured and fostered for years and Jud led that with his vision but then all of us really contributed to filling in those pieces and making that vision come to life by executing those strategies and that's how we've been working and that's how we intend to work. M&A is speculation really and I have no comment at all on that.
Okay. Got it. And then just a follow-up on the data analytics. Appreciate some of the commentary. It sounds like you're exploring some new opportunities. So if at all possible to maybe expand a little bit about those. I know some of them may not be necessarily near term but just any more detail you can provide? And then in terms of some of the headwinds you mentioned last quarter like the investment management headwind is it fair to think that could continue for the foreseeable future or is there any sign of that abating?
Yes let's -- happy to answer those questions. I'm going to introduce Stuart Depina who joined the call this afternoon. And Stuart who is Head of Tamarac and