Envestnet is near a deal with private equity firm Bain Capital on a sale of the company, according to Reuters.
The deal involves a valuation of the turnkey asset manager at roughly $3.5 billion, or about $63 a share, sources familiar with the discussions told Reuters.
Its shares traded up about 0.3% Monday to close at $64.25. The firm's stock price is up nearly 27.5% this year but has fallen 13% over the past five years.
"We don't comment on rumors or speculation in the market," Envestnet told ThinkAdvisor via email late Monday.
In May, Bloomberg reported that private equity firms Advent International and GTCR were reviewing a possible acquisition of Envestnet. That followed a report in April that Envestnet was working with Morgan Stanley to find potential suitors, including Bain — which owns a 29% stake of Carson Group and 20% of CI Financial.
Envestnet is currently led by interim CEO James L. Fox, who heads the board. Fox took the helm after former CEO Bill Crager stepped down on April 1. Crager now serves as a senior advisor to the firm.
