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AssetMark Financial Holdings, Inc. (NYSE: AMK) is a prominent wealth management technology platform based in Concord, California. Established in 1996, AssetMark provides a comprehensive suite of innovative investment and consulting solutions designed to empower independent financial advisors. With a strong focus on simplifying client engagement and enhancing advisor efficiency, the company serves over 9,200 financial advisors and more than 257,000 investor households.
AssetMark's platform stands out for its end-to-end services that encompass almost every aspect of an advisor’s interaction with clients. This includes initial consultations, ongoing financial planning, performance reporting, and billing. By providing extensive tools and capabilities, AssetMark enables advisors to streamline their day-to-day business activities, allowing them to spend more time on meaningful client interactions.
As of the first quarter of 2024, AssetMark boasts approximately $117 billion in platform assets, demonstrating its significant market presence and continuous growth. The company's recent achievements include a 21.5% year-over-year increase in platform assets and a substantial rise in net income.
In April 2024, AssetMark entered into a definitive agreement to be acquired by GTCR, a leading private equity firm, for $35.25 per share in cash, valuing the company at approximately $2.7 billion. This acquisition is expected to further enhance AssetMark’s growth trajectory by expanding its product offerings and maintaining its high standard of client service.
AssetMark’s relentless service ethic, coupled with its robust client relationship support, sets it apart in the wealth management industry. The company's ecosystem of solutions, including affiliates like Voyant and Adhesion Wealth, provides advisors with the necessary tools to deliver superior investor outcomes and improve their productivity, profitability, and client satisfaction.
For more detailed information about AssetMark Financial Holdings, Inc., visit their website at www.assetmark.com.
AssetMark (AMK) announces an expanded partnership with TIFIN Sage to integrate AI capabilities into its wealth management platform. The collaboration aims to enhance investment consulting services by enabling rapid insight gathering and tailored model portfolio creation. This integration will allow AssetMark to scale its personalized services while maintaining service quality across its advisor network. The partnership builds upon AssetMark's existing relationship with TIFIN Give, which provides donor-advised fund solutions for charitable giving and tax planning.
AssetMark and Cheetah announce the continued success of their strategic collaboration in delivering a unified wealth management solution. First State Bank (FSB), Texas' oldest state-chartered bank, has been using this integrated platform since January 2024, achieving significant operational improvements. The collaboration combines AssetMark's industry expertise and technology with Cheetah's cloud-based trust accounting system and automation capabilities. FSB reports positive results in new accounts and operational efficiency, with the integration streamlining operations and reducing manual tasks. The bank is now exploring opportunities to expand its offerings and generate additional revenue streams.
AssetMark (AMK) has announced the addition of Morningstar Wealth as a third-party strategist on its platform, offering financial advisors access to a wide range of model portfolios and separately managed accounts (SMAs). This launch is part of the firms' strategic collaboration, following AssetMark's agreement to acquire approximately $12 billion in assets from Morningstar Wealth's Turnkey Asset Management Platform (TAMP) in June 2024.
The new strategies include Morningstar Equity SMAs, ETF Models, and Active/Passive Models, designed to meet diverse investor needs. Morningstar Wealth's Investment Management team manages approximately $316 billion in assets globally. This addition aims to empower advisors with more resources and tools to serve their clients effectively.
AssetMark Financial Holdings, Inc., a leading wealth management technology platform, has been acquired by GTCR, a private equity firm, for approximately $2.7 billion. This marks the end of AssetMark's partnership with Huatai Securities and its transition to a privately owned company. Lou Maiuri has been appointed as Chairman and Group CEO of AssetMark Financial Holdings, Inc., bringing over 30 years of experience in asset management and financial services. Michael Kim will continue as President and CEO of AssetMark.
The acquisition aims to accelerate AssetMark's growth and industry leadership position. GTCR plans to expand client offerings with new product capabilities while maintaining AssetMark's reputation for exceptional value and service. The transaction was unanimously approved by AssetMark's Board of Directors and shareholders, with shareholders receiving $35.25 per share in cash.
AssetMark Financial Holdings, Inc. (NYSE: AMK) released its July 2024 Monthly Knowledge Report, highlighting key metrics:
- Platform assets reached $122.2 billion, up 18.4% year-over-year
- Net flows were $437 million, down 19.1% year-over-year
- AssetMark Trust Company client cash was $2.75 billion, down 1.4% year-over-year
- Number of households increased 5.0% year-over-year to 261,271
The report provides monthly data as supplemental information and should not be considered a substitute for official financial statements. AssetMark notes that this data is preliminary and subject to revision.
AssetMark (NYSE: AMK) has expanded its Cash Solutions suite, adding FDIC-insured certificates of deposit (CD Plus) and purchased Money Market Funds (MMFs). This strategic move aims to tap into an estimated $8 billion share of wallet opportunity in the wealth client cash holding space. The enhanced suite offers advisors tools to capitalize on elevated interest rates, providing FDIC insurance coverage on multi-million-dollar cash balances, competitive rates, and flexible terms.
AssetMark's initiative goes beyond traditional rate shopping, equipping advisors with products and resources for consultative conversations about clients' short-term funding needs. The expanded suite enables advisors to create custom solutions across different return, risk, and liquidity profiles, potentially generating higher returns on cash holdings compared to traditional savings accounts.
AssetMark Financial Holdings (NYSE: AMK) reported strong financial results for Q2 2024. Platform assets increased 18.5% year-over-year to $119.4 billion, with quarterly net flows of $1.7 billion. The company achieved net income of $32.3 million, or $0.43 per share, and adjusted net income of $49.8 million, or $0.66 per share, on total revenue of $198.5 million. Adjusted EBITDA was $71.9 million, representing 36.2% of total revenue.
Key operational highlights include the addition of 4,300 new households and 164 new producing advisors. The platform now serves over 9,200 advisors and 261,000 investor households. AssetMark also announced a pending acquisition by GTCR, expected to close in Q4 2024, subject to regulatory approvals.
AssetMark Financial Holdings reported its June 2024 results, showing promising growth in platform assets with a 18.5% year-over-year increase to $119.4 billion.
However, net flows saw a significant decline of 36.4% year-over-year, amounting to $397 million in June. AssetMark Trust Company client cash stood at $2.93 billion, a slight decrease of 0.3% year-over-year.
The number of households serviced by AssetMark also grew by 5.4% year-over-year, reaching a total of 261,341. Morningstar Wealth TAMP assets are not included as the deal has been signed but not closed.
These results are preliminary and subject to revision, as stated by the company. AssetMark emphasized that these figures should not be seen as a substitute for their official financial statements.
AssetMark announced a strategic alliance with Morningstar Wealth, involving the acquisition of approximately $12 billion in assets from Morningstar's Turnkey Asset Management Platform (TAMP). Financial advisors and clients on Morningstar's TAMP will gain access to AssetMark's platform, offering industry-leading service, advisor technology, and investment strategies.
Existing AssetMark advisors will benefit from new model portfolios and separately managed accounts managed by the Morningstar Investment Management team, which oversees $290 billion in assets globally.
The transaction, which is set to close in the second half of 2024, is subject to regulatory approval and other customary conditions.
AssetMark Financial Holdings released its May 2024 report, showcasing key financial statistics. Platform assets hit $117.7 billion, a 22.1% year-over-year increase.
Net flows for May were $611 million, marking a 4.1% decline from the previous year. Client cash at AssetMark Trust Company stood at $2.84 billion, down 3.7% from last year. The number of households rose by 5.7%, reaching 260,756.
This data is preliminary and should not replace AssetMark's official financial statements. The company will provide updates on its Investor Relations page.
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