October AMK Report

Rhea-AI Summary

AssetMark Financial Holdings, Inc. (NYSE: AMK) reported key metrics for October 2020, highlighting platform assets of $66.5 billion, a 12.3% increase year-over-year. However, net flows decreased significantly, totaling $396 million, a 47.5% decline from the previous year. On a positive note, client cash at AssetMark Trust Company rose to $2.47 billion, a 38.8% year-over-year increase, and the number of households served rose 14.0% to 183,774.

Positive

• Platform assets increased by 12.3% year-over-year to $66.5 billion.
• Client cash at AssetMark Trust Company rose 38.8% year-over-year to $2.47 billion.
• Number of households served increased 14.0% year-over-year to 183,774.

Negative

• Net flows decreased by 47.5% year-over-year to $396 million.

CONCORD, Calif., Nov. 10, 2020 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today.

Company highlights for the month of October 2020 include:

• Platform assets of $66.5 billion at the end of October, up 12.3%% year-over-year.
• Net flows were $396 million in the month of October, down 47.5% year-over-year.
• AssetMark Trust Company client cash was $2.47 billion, up 38.8% year-over-year.
• Number of households increased 14.0% year-over-year to 183,774 at the end of October.

																Change
																Mo.		Yr.
	Oct-19	Nov-19	Dec-19		Jan-20	Feb-20	Mar-20	Apr-20	May-20	Jun-20	Jul-20	Aug-20	Sep-20	Oct-20
PLATFORM METRICS
Platform Assets (in $B)	59.2	60.6	61.6		61.8	61.7	56.0	59.8	62.0	63.2	65.6	68.0	67.3	66.5		-1.2	%	12.3	%
Net Flows (in $M)	755	547	(194	)	472	703	659	414	137	357	319	541	349	396		13.5	%	-47.5	%
CASH METRIC
Ending ATC Client Cash (in $B)	1.78	1.74	1.88		1.75	1.81	2.99	3.04	2.84	2.96	2.60	2.63	2.66	2.47		-7.1	%	38.8	%
OTHER
Number of Households	161,262	162,503	162,225		163,644	175,026	176,681	177,975	178,284	179,166	181,115	181,977	182,683	183,774		0.6	%	14.0	%

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.

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

Media: 
Chris Blake
MSR Communications
chris@msrcommunications.com

SOURCE: AssetMark Financial Holdings, Inc.

FAQ

What were the platform assets of AMK in October 2020?

AssetMark's platform assets reached $66.5 billion in October 2020.

How did net flows change for AMK in October 2020?

Net flows for AssetMark decreased by 47.5% year-over-year to $396 million.

What was the increase in client cash for AMK in October 2020?

Client cash at AssetMark Trust Company increased by 38.8% year-over-year to $2.47 billion.

How many households does AMK serve as of October 2020?

As of October 2020, AssetMark served 183,774 households, an increase of 14.0% year-over-year.