Envestnet, a provider of wealth management and technology services to advisor, has reported that adjusted revenues increased 64 per cent to $69.9 million for the third quarter of 2013, up from $42.7 million a year ago.

The increase was primarily due to a 79 per cent increase in revenues from assets under management or assets under management to $59.6 million from $33.2 million in the prior year period, the New York-listed firm said.

Revenue from Prudential’s Wealth Management Solutions business, acquired by the firm in July of this year, is included for the entire third quarter of 2013.

This quarter, total operating expenses rose 65 per cent to $68.1 million, from $41.4 million a year ago.  

Meanwhile, cost of revenues swelled 100 per cent to $30.2 million in Q3 from $15.1 million in the Q3 2012. This was due to the increase in revenue from AuM or AuA, as well as additional cost from the WMS unit, Envestnet said.

Additionally, compensation and benefits rose 38 per cent to $21.1 million in Q3 from $15.3 million in the prior year period, due to higher personnel cost from WMS, as well as higher non-cash compensation expense. Likewise, general and administration expenses increased 57 per cent to $12 million in the third quarter of 2013 from $7.6 million in the prior year period (primarily due to WMS.)