Brooke’s Note: The story of the merger of Advent and Black Diamond continues to be a tale of where-did-it-all-go-right? Companies with different cultures, technologies, geography and size aren’t supposed to have all the synergies that show up on white boards. In the case of these companies, it seems to be happening. It may just be a hot market lifting all boats. After all, Tamarac, post-Envestnet merger, is booming and Orion, albeit not merged, is booming, too. Outsourced performance reporting is flying off the shelves. Still, Black Diamond is showing staggering growth and with us looking for a (non) scapegoat for the brilliance, we’re casting an extra eye toward Dave Welling.
Black Diamond is white hot under David Welling.
The assets administered by the Jacksonville, Fla.-based unit of Advent Software soared 64% to more than $220 billion in 2013 as its executive understudy took charge from founder Reed Colley, who no longer gets involved in the day to day. See: Reed Colley steps down from executive-level duties after selling Black Diamond.
Sure, some growth came on the strength of a hot stock market, but Black Diamond also ...