October AMK Report

Rhea-AI Summary

AssetMark Financial Holdings, Inc. (NYSE: AMK) reported its October 2022 performance, revealing platform assets of $82.8 billion, an 8.3% decline year-over-year. The net flows dropped to $283 million, down 68.3% compared to last year. However, client cash in the AssetMark Trust Company increased to $3.49 billion, marking a 43.6% rise year-over-year. The number of households also grew by 9.4% to 225,103.

Positive

• Client cash rose to $3.49 billion, up 43.6% year-over-year.
• Number of households increased by 9.4% to 225,103.

Negative

• Platform assets decreased by 8.3% year-over-year.
• Net flows fell to $283 million, a decline of 68.3% year-over-year.

CONCORD, Calif., Nov. 10, 2022 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today.

Company results for the month of October 2022 include:

• Platform assets of $82.8 billion at the end of October, down 8.3% year-over-year.
• Net flows were $283 million in the month of October, down 68.3% year-over-year.
• AssetMark Trust Company client cash was $3.49 billion, up 43.6% year-over-year.
• Number of households increased 9.4% year-over-year to 225,103 at the end of October.

																											Change
																											Mo.		Yr.
	Oct-21		Nov-21		Dec-21		Jan-22		Feb-22		Mar-22		Apr-22		May-22		Jun-22		Jul-22		Aug-22		Sep-22		Oct-22
PLATFORM METRICS
Platform Assets (in $B)	90.3		89.8		93.5		90.5		89.5		90.8		86.0		86.9		82.1		86.3		84.4		79.4		82.8		4.3	%	-8.3	%
Net Flows (in $M)	892		994		1,062		650		694		791		376		605		383		374		605		228		283		24.1	%	-68.3	%
CASH METRIC
Ending ATC Client Cash (in $B)	2.43		2.62		2.93		2.85		2.86		3.09		2.92		3.60		3.70		3.60		4.48		3.51		3.49		-0.6	%	43.6	%
OTHER
Number of Households	205,808		207,432		209,900		211,601		213,445		215,668		218,508		219,160		220,172		221,104		222,110		223,098		225,103		0.9	%	9.4	%

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, 2022. 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, 2022, 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.

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.

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

Media: 
Alaina Kleinman
Head of PR & Communications
alaina.kleinman@assetmark.com

SOURCE: AssetMark Financial Holdings, Inc.

 

FAQ

What are the platform assets of AssetMark for October 2022?

AssetMark reported platform assets of $82.8 billion for October 2022.

How much did AssetMark's net flows drop in October 2022?

Net flows decreased by 68.3% year-over-year, totaling $283 million.

What was the increase in client cash at AssetMark Trust Company?

Client cash in the AssetMark Trust Company rose by 43.6% to $3.49 billion.

How many households does AssetMark serve as of October 2022?

As of October 2022, AssetMark serves 225,103 households, a 9.4% increase year-over-year.