Joseph Mrak Joins Refinitiv as New Head of Wealth Management Unit

RefinitivJoseph Mrak who served as chairman and CEO at FolioDynamix for more than 10 years has now joined Refinitiv succeeding David Akellian as the managing director and global head of wealth management unit. Refinitiv is a company specialising in providing financial data and infrastructure services and analytical tools on global scale. Refinitiv was founded late last year when Blackstone Group purchased controlling stake of Canadian mass media and information giant Thomson Reuters’s Financial and Risk product portfolio division. David Akellian, the current Managing Director and global head of wealth management unit has held this post for more than 4 years starting back when Refinitiv was still known to public as Reuters’s Financial and Risk unit. David has announced that he will leave the firm at end of 2019 until which he is expected to work with Joseph in co-capacity helping ensure a smooth transition over the course of remaining seven months.

Joseph has significant knowledge and experience in wealth management and banking sector having held various posts of similar capacity over the course of last 25 years. While working as CEO at Actua Corp’s Folio Dynamics, he played a major role in acquisition of wealth management intelligence solutions company Envestnet for $195 million back in January 2018. Post the acquisition, Envestnet was merged with Folio Dynamics while he served in capacity of CEO for both companies. In his role as head of wealth management unit at Refinitiv, Joseph is expected to handle product strategy and development, client services, operations, marketing public relations while also focus on delivering product innovation and support the large scale operational needs of the firm’s wealth management clients. Refinitiv wealth management business caters to numerous clients providing global, regional and emerging market wealth platforms across Both North and South American, European and Asian markets.

Joseph Mrak, chairman and CEO at FolioDynamix
Joseph Mrak, Chairman and CEO at FolioDynamix

When speaking about his new role at Refinitiv, Joseph commented that “It is an exciting time in the industry and across the global markets for the evolution of wealth management and I am looking forward to making a tremendous impact” expressing his delight and feelings towards his new role. He also commented that he knows first-hand Refinitiv has tremendous assets with a proven history of success having held a long time partnership with the business during his role as CEO at Folio Dynamics. Joseph stated that he looks forward to advance and augment Refinitiv’s products thereby providing the firm’s clients with services of enhanced value and prospects. Joseph is expected to primarily focus on driving advisor efficiency of their next gen wealth management platforms such as Thomson one, Eikon and Beta while evaluating partnerships that could create more value for current clients providing tighter integration across the wealth management segment.

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