AdvisorEngine Finds New Home at Franklin Templeton
Posted on 05/06/2020
Franklin Resources, Inc., which runs Franklin Templeton, acquired New York-based AdvisorEngine Inc., a digital wealth platform and provider of technology and consulting services to more than 1,200 financial advisory firms in the United States that manage over US$ 600 billion in assets. Franklin Templeton seeks to work with its target company to build out goals-based financial planning tools and digital portfolio construction analytics.
AdvisorEngine was founded in 2014 and was formerly known as Vanare. AdvisorEngine also has an office in Raleigh, North Carolina.
Advisors
The Asset & Wealth Management Investment Banking group at Raymond James & Associates served as the exclusive financial advisor to AdvisorEngine on the transaction.
In January 2020, WisdomTree Investments, Inc., an ETF firm, decided to sell its US$ 58 million investment in AdvisorEngine. WisdomTree estimates taking a non-cash impairment charge of US$ 22 million to US$ 30 million in the fourth quarter as it exits the investment. WisdomTree purchased a 20% stake in AdvisorEngine on November 18, 2016 for US$ 20 million and invested another US$ 30 million in 2018. WisdomTree and AdvisorEngine had entered into a strategic agreement whereby WisdomTree’s asset allocation models will be made available through AdvisorEngine’s open architecture platform.
