Envestnet on Thursday announced the appointment of Bhaskar Peddhapati as its new Chief Technology Officer (CTO).
He succeeds Mark Davis, who retired, an Envestnet spokesperson told WSR.
“Under Mark’s leadership, Envestnet’s technology organization strengthened its culture, improved efficiency, and doubled its software output over the past two years — setting a strong foundation for the future,” the spokesperson said.
As CTO, Peddhapati will manage technology, engineering and information security at Envestnet, the company said. He will report to Chris Todd, Envestnet CEO.
Peddhapati is charged with accelerating Envestnet’s technical roadmap, “infusing” AI “into every layer of its platform, and scaling innovation across teams to position Envestnet for long-term leadership in wealthtech,” the firm said.
The technology and product executive has over 25 years of experience, Envestnet pointed out, noting he most recently served as Senior Vice President/Head of Mortgage Technology Solutions at Cotality (formerly CoreLogic), where he led its modernization and transformation initiatives across its property data and analytics portfolio.
Before that, Peddhapati spent over a decade at NielsenIQ, where he “helped transform the company into a modern, data-driven enterprise that scaled across the world,” Envestnet said. Earlier in his career, Peddhapati served in senior roles at Wells Fargo.
Peddhapati brings to Envestnet his expertise across fintech, cloud strategy, data platforms, and AI/machine learning after leading global teams of over 2,500 engineers and product professionals, the company said.
“Bhaskar is an architect of systems, cultures, and transformation,” Todd said in a news release.
“His track record of building global technology platforms, empowering teams, and driving innovation through data and AI makes him the ideal CTO as we enter our next era of growth,” according to Todd.
Todd added, “Technology lies at the heart of Envestnet’s strategy, and Bhaskar’s leadership will help us deliver even greater intelligence, efficiency, and value for our clients and partners.”
“Envestnet is at an incredible inflection point – where technology, data, and AI are converging to redefine how advisors and institutions serve their clients,” Peddhapati said in the news release.
Peddhapati added, “I’m excited by the opportunity to help accelerate that transformation – putting technology at the center of our business to create more value for our employees and our customers. This is about enabling people to grow, contribute, and build the platform for the future of advice together.”
Over the next five years, Envestnet “plans to invest $1 billion in research and development to equip advisors with advanced, integrated and configurable tools for all their workflows from trading, reporting, financial planning, portfolio management, client engagement and more,” the spokesperson told WSR.
“All of the work we are doing to deliver on our strategic roadmap will mean embedding and leveraging AI across our platform, to scale our innovation and position us to deliver on our long-term strategic roadmap.”
Envestnet has $7 trillion in platform assets and its platform is used by more than a third of all financial advisors across many banks, wealth managers, brokerages and RIAs, according to the firm.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
