FundQuest, a global investment and managed account services company and a part of of BNP Paribas Investment Partners, has entered into a platform services agreement with Envestnet Asset Management (Envestnet), a provider of wealth advisory solutions, technology and back office operations.

The strategic partnership will enable FundQuest to enhance its integrated advisor support services offering, including advanced advisor productivity tools, back-office services, investment management and research services and advisor consulting services.

Under the agreement, Envestnet will provide technology and operational platform support to FundQuest. It will also maintain and develop new technology that will enable FundQuest to create new investment solutions to meet the needs of advisors and their clients.

In addition, Envestnet will bring its expertise in back-office functionality to FundQuest, assisting the firm with account initiation and set-up; custodial download processing; account trading and reconciliation; and computation of performance reports.

Moreover, Envestnet has assembled an array of advanced functionality all accessible through a single gateway designed to provide at-hand resources that bring a new level of support to the financial community allowing for maximized operational efficiencies and streamlined practice management.

James Fox, CEO of FundQuest, said: “This agreement will give FundQuest the opportunity to leverage both the capabilities and scale of Envestnet’s technology platform as we continue growing our integrated and customized advisory product solutions. We will now have increased flexibility to develop additional investment products, introduce new investment solutions to the US marketplace and leverage the vast resources of BNP Paribas Investment Partners.”

Jud Bergman, CEO of Envestnet, said: “The strategic partnership between FundQuest and Envestnet will provide more advisors with enhanced access to open architecture solutions, services and technology, empowering them to deliver on their fiduciary commitment to clients. We see this as an exciting opportunity to help FundQuest to continue to deliver innovative investment solutions, while bringing increased efficiency to the planning and advisory process.”

The transition to Envestnet’s technology and operational support services is expected to be completed within the next 90 days.