With the goal of helping banks and bank trust departments realize the full benefit of its unified and scalable wealth management platform, Envestnet (NYSE:ENV) has completed  the acquisition of the wealth management solutions division of Prudential Investments, a subsidiary of Prudential Financial (NYSE:PRU), the company announced yesterday.

The investment advisor services provider said it paid $10 million in cash at closing, while there is contingent consideration of up to a total of $23 million in cash to be paid over three years.

"The acquisition of WMS confirms Envestnet's leadership in managed account solutions, solidifies our presence in the bank and trust channel, expands our reach into the Canadian market, and strengthens our practice management capabilities," said Envestnet President Bill Crager.

By adding the assets from Prudential WMS, which administers approximately $23.7 billion on behalf of institutional clients, Envestnet said it will now be the top wealth management industry leader in several areas, including third-party vendors, with $152 billion in assets under management/assets under administration; service provider for sponsored and non-sponsored asserts by a third-party vendor; and service providers by total assets (managed solutions and AUA), with $430 billion in assets.

Silver Lane Advisors served as financial advisor to Prudential Financial. Envestnet did not retain a financial advisor, but Mayer Brown acted as legal counsel to the company. Wilmer Cutler Pickering Hale and Dorr acted as counsel to Prudential Financial.