December AMK Report

Rhea-AI Summary

AssetMark Financial Holdings (NYSE: AMK) reported strong growth in December 2020 with platform assets reaching $74.5 billion, a 20.9% increase year-over-year. Net flows improved significantly, totaling $636 million, reversing a negative flow of $194 million in December 2019. The company's client cash also surged to $2.62 billion, marking a 39.4% annual rise. Additionally, the number of households served grew by 15.0% to 186,602.

Positive

• Platform assets increased to $74.5 billion, up 20.9% year-over-year.
• Net flows for December were $636 million, a significant recovery from negative $194 million.
• Client cash rose to $2.62 billion, representing a year-over-year increase of 39.4%.
• Number of households served grew by 15.0% to 186,602.

Negative

• None.

CONCORD, Calif., Jan. 11, 2021 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today. In addition, the company also disclosed its AMK Report – Annual Summary, which can be found by clicking here.

Company highlights for the month of December 2020 include:

• Platform assets of $74.5 billion at the end of December, up 20.9% year-over-year.
• Net flows were $636 million in the month of December, up from negative $194 million in December 2019.
• AssetMark Trust Company client cash was $2.62 billion, up 39.4% year-over-year.
• Number of households increased 15.0% year-over-year to 186,602 at the end of December.

														Change
														Mo.		Yr.
	Dec-19	Jan-20	Feb-20	Mar-20	Apr-20	May-20	Jun-20	Jul-20	Aug-20	Sep-20	Oct-20	Nov-20	Dec-20
PLATFORM METRICS
Platform Assets (in $B)	61.6	61.8	61.7	56.0	59.8	62.0	63.2	65.6	68.0	67.3	66.5	71.8	74.5	3.8%		20.9%
Net Flows (in $M)	(194)	472	703	659	414	137	357	319	541	349	396	501	636	26.9%		NM
CASH METRIC
Ending ATC Client Cash (in $B)	1.88	1.75	1.81	2.99	3.04	2.84	2.96	2.60	2.63	2.66	2.47	2.50	2.62	4.8%		39.4%
OTHER
Number of Households	162,225	163,644	175,026	176,681	177,975	178,284	179,166	181,115	181,977	182,683	183,774	184,935	186,602	0.9%		15.0%

This monthly data is being provided on a supplemental basis and should not be taken as a substitute for the Company’s financial statements filed with the Securities and Exchange Commission as part of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020. This monthly data is preliminary and subject to revision and should not be taken as an indication of the financial performance of AssetMark for the quarter ending December 31, 2020 or any future period. AssetMark undertakes no obligation to publicly update or review previously reported monthly data. Any updates to previously reported monthly data will be reflected in the historical data that can be found on the Investor Relations page of the Company’s corporate website at ir.assetmark.com. AssetMark reserves the right to discontinue the availability of the data in this monthly report. By filing this press release, AssetMark makes no admission as to the materiality of any information contained herein.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings we make with the Securities and Exchange Commission. AssetMark undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

About AssetMark Financial Holdings, Inc.

AssetMark is a leading provider of extensive wealth management and technology solutions that power independent financial advisors and their clients. Through AssetMark, Inc., its investment adviser subsidiary registered with the U.S. Securities and Exchange Commission, AssetMark operates a platform that comprises fully integrated technology, personalized and scalable service, and curated investment platform solutions designed to make a difference in the lives of advisors and their clients.

SOURCE: AssetMark Financial Holdings, Inc.

Contacts

Investors:
Taylor J. Hamilton, CFA
Head of Investor Relations
InvestorRelations@assetmark.com

Media: 
Chris Blake
MSR Communications
chris@msrcommunications.com

FAQ

What were AssetMark's platform assets at the end of December 2020?

AssetMark's platform assets were $74.5 billion at the end of December 2020.

What are the net flows reported by AssetMark for December 2020?

AssetMark reported net flows of $636 million for December 2020.

How much did AssetMark's client cash increase year-over-year?

AssetMark's client cash increased by 39.4% year-over-year to $2.62 billion.

How many households does AssetMark serve as of December 2020?

As of December 2020, AssetMark served 186,602 households.