Assetmark Financial Holdings - AMK STOCK NEWS

AssetMark has appointed Erin Wood as Senior Vice President of Advanced Planning to lead the development of their advanced planning offering. Wood brings over 20 years of experience in financial planning and will focus on delivering strategies for estate planning, tax efficiency, retirement planning, and multi-generational wealth transfer.

Previously holding senior positions at Carson Group and First National Bank of Omaha, Wood will be responsible for driving the vision for AssetMark's advanced planning services and establishing strategic relationships. She is a nationally recognized speaker and contributor to publications like Kiplinger and TheStreet, and has received the Wealthies 2023 Thought Leader of the Year award and InvestmentNews 2024 Women to Watch award.

AssetMark has completed the acquisition of Morningstar Wealth's TAMP assets, bringing $12 billion in assets to AssetMark's platform. The strategic alliance enhances AssetMark's investment solutions for financial advisors and their clients. Morningstar Wealth will continue as a third-party strategist on the AssetMark platform. The collaboration aims to provide advisors with access to expanded model portfolios, separately managed accounts (SMAs), and enhanced platform experiences. This acquisition strengthens AssetMark's market position and demonstrates its commitment to innovation and service excellence.

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.