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AssetMark Financial Holdings (AMK) reported its April 2024 platform metrics. Platform assets reached $113.7 billion, a 17.3% increase year-over-year. Net flows for April were $696 million, marking a 60.7% rise compared to the same month last year. Despite these gains, AssetMark Trust Company client cash decreased slightly by 0.3% to $2.86 billion. The number of households served rose 6.0% year-over-year, totaling 261,430 by the end of April. These figures are preliminary and not indicative of the company's future financial performance.
AssetMark Financial Holdings, Inc. (NYSE: AMK) reported strong financial results for the first quarter of 2024. Net income was $38.0 million, adjusted net income was $45.2 million, and total revenue was $190.3 million. Platform assets increased to $116.9 billion, with 21.5% year-over-year growth. Over 3,000 new households and 169 new producing advisors joined the platform. The company realized an 18.6% annualized production lift from existing advisors. The Transaction with GTCR was announced, expected to close in Q4 2024.