AssetMark Financial Holdings, Inc. - AMK STOCK NEWS

AssetMark Financial Holdings (NYSE: AMK) has shared its “AssetMark Monthly Knowledge” Report for March 2021. Key highlights include a significant increase in platform assets, reaching $78.9 billion, a 40.9% year-over-year rise. Net flows totaled $901 million, marking a 36.7% increase compared to the previous year. However, client cash at AssetMark Trust Company decreased to $2.50 billion, down 16.4% year-over-year. The number of households also grew by 8.1%, reaching 190,915.

AssetMark Financial Holdings, Inc. (NYSE: AMK) reported key metrics for February 2021. Platform assets reached $76.2 billion, indicating a 23.5% year-over-year growth. However, net flows were $532 million, down 24.3% year-over-year. Notably, client cash at AssetMark Trust Company rose to $2.60 billion, up 43.6% year-over-year. Additionally, the number of households increased to 188,679, up 7.8% from the previous year. The report emphasizes that these figures are preliminary and should not be taken as indicators of future performance.

AssetMark has launched AssetMark Institutional, providing registered investment advisors (RIAs) with a comprehensive set of products and services to enhance growth and efficiency amidst evolving market conditions. With over 350 RIAs and more than $7 billion in assets already engaged, this new offering focuses on operational support, integrated technology, and curated investment solutions. CEO Natalie Wolfsen emphasized the importance of adapting to technological changes to meet RIA demands. The initiative comes as the RIA channel continues to grow, highlighting the need for enhanced digital capabilities.

AssetMark Financial Holdings (NYSE: AMK) announced its acquisition of Voyant for $145 million, comprising $120 million in cash and $25 million in stock. Voyant, a global leader in SaaS-based financial planning, supports over 20,000 advisors in multiple countries. This acquisition aims to enhance AssetMark's financial wellness strategy by integrating Voyant's solutions, thereby improving client-advisor relationships and fostering growth. The deal is expected to close in mid-2021 and will be immediately accretive to AssetMark's adjusted EPS.

AssetMark Financial Holdings, Inc. (NYSE: AMK) announced the appointment of Natalie Wolfsen as CEO and Michael Kim as President, effective March 3, 2021. Wolfsen, with over 25 years in investment product management, previously served as Executive VP and Chief Solutions Officer. Kim, who has also been with AssetMark for a decade, aims to enhance client services. The changes follow Charles Goldman's departure, who will assist during the transition. The company has $74.5 billion in platform assets as of December 31, 2020.

AssetMark Financial Holdings, Inc. (NYSE: AMK) reported a net loss of $9.9 million for Q4 2020, or $0.15 per share, while adjusted net income was $22.2 million, or $0.31 per share, on total revenue of $110.9 million. Platform assets rose 21% year-over-year, reaching $74.5 billion, boosted by net flows of $1.5 billion and a market impact of $5.7 billion. The company added 3,900 households and 177 new advisors in Q4. For the full year, total revenue increased to $432 million, with an adjusted net income of $73.3 million. AssetMark anticipates continued growth in 2021 with the launch of new initiatives.

AssetMark Financial Holdings, Inc. (NYSE: AMK) reported strong results in its January 2021 metrics. Platform assets reached $74.6 billion, marking a 20.7% year-over-year increase. Net flows totaled $494 million, up 4.7% year-over-year, while client cash at AssetMark Trust Company surged 39.4% to $2.44 billion. Additionally, the number of households served increased 14.9% to 188,057. These figures highlight the company's robust growth despite potential market challenges.