AssetMark acquired Morningstar Wealth's TAMP assets, adding $12 billion in assets and enhancing investment offerings for financial advisors.
Quiver AI Summary
AssetMark, Inc. has successfully completed the acquisition of the Turnkey Asset Management Platform (TAMP) assets from Morningstar Wealth, significantly enhancing its wealth management services for financial advisors. This strategic move adds approximately $12 billion in assets to AssetMark’s platform and aligns with its ongoing partnership with Morningstar Wealth, allowing advisors access to an expanded suite of investment solutions, model portfolios, and separately managed accounts. The acquisition is seen as a pivotal step in strengthening AssetMark's capabilities and commitment to providing excellence in service and innovation. Both companies aim to enhance advisor success and investor outcomes through this collaboration, with Morningstar Wealth continuing its role as a third-party strategist on AssetMark’s platform.
Potential Positives
- AssetMark's acquisition of Morningstar Wealth’s TAMP assets adds approximately $12 billion in assets to its platform, significantly enhancing its investment solutions for financial advisors and their clients.
- The strategic alliance with Morningstar Wealth is expected to provide existing AssetMark advisors with access to enhanced model portfolios and separately managed accounts, further enriching their service offering.
- This deal positions AssetMark as a stronger player in the wealth management sector, reaffirming its commitment to innovation and service excellence, which could attract more advisors to its platform.
- The collaboration between the two companies is highlighted as a powerful combination that will enhance outcomes for financial advisors, indicating strong future growth potential for AssetMark.
Potential Negatives
- The acquisition may create integration challenges, potentially disrupting service for both new and existing clients during the transition process.
- There is no detailed financial information regarding the acquisition, which raises concerns about the deal's impact on AssetMark's financial health and whether it was an overspend.
- The reliance on third-party strategists, like Morningstar Wealth, could indicate a lack of internal resources or capabilities at AssetMark to fully manage their expanded offerings independently.
FAQ
What is the significance of AssetMark's acquisition of Morningstar Wealth?
This acquisition adds approximately $12 billion in assets to AssetMark's platform, enhancing its investment solutions for financial advisors.
How does this acquisition benefit financial advisors?
Advisors gain access to an expanded suite of investment solutions, high-net-worth services, and advanced technology to improve their business efficiency.
What will Morningstar Wealth's role be after the acquisition?
Morningstar Wealth will continue as a third-party strategist on the AssetMark platform, enriching the investment services offered to advisors.
How many advisors does AssetMark serve?
AssetMark serves over 9,000 financial advisors and 263,000 investor households as of September 30, 2024.
What is the mission of AssetMark?
AssetMark's mission is to help financial advisors and their clients by providing flexible solutions that enhance client engagement and drive efficiency.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$AMK Insider Trading Activity
$AMK insiders have traded $AMK stock on the open market 15 times in the past 6 months. Of those trades, 0 have been purchases and 15 have been sales.
Here’s a breakdown of recent trading of $AMK stock by insiders over the last 6 months:
- SECURITIES CO., LTD. HUATAI sold 50,873,799 shares.
- JOEL DAVID JR MCNATT (EVP, Investment Solutions) has traded it 2 times. They made 0 purchases and 2 sales, selling 5,267 shares.
- MICHAEL KIM (CEO and President) has traded it 2 times. They made 0 purchases and 2 sales, selling 9,445 shares.
- CARRIE E. HANSEN (EVP, Chief Operating Officer) has traded it 2 times. They made 0 purchases and 2 sales, selling 10,611 shares.
- TED F. ANGUS (EVP, General Counsel) has traded it 2 times. They made 0 purchases and 2 sales, selling 9,634 shares.
- GARY G. ZYLA (EVP, Chief Financial Officer) has traded it 2 times. They made 0 purchases and 2 sales, selling 7,786 shares.
- ESI MINTA-JACOBS (HR & Digital Product Solutions) has traded it 2 times. They made 0 purchases and 2 sales, selling 2,529 shares.
- MUKESH MEHTA (EVP, Chief Information Officer) has traded it 2 times. They made 0 purchases and 2 sales, selling 8,880 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$AMK Hedge Fund Activity
We have seen 2 institutional investors add shares of $AMK stock to their portfolio, and 182 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BLACKROCK, INC. removed 2,179,761 shares (-100.0%) from their portfolio in Q3 2024
- VANGUARD GROUP INC removed 2,086,641 shares (-100.0%) from their portfolio in Q3 2024
- GLAZER CAPITAL, LLC removed 1,739,617 shares (-100.0%) from their portfolio in Q3 2024
- POLAR ASSET MANAGEMENT PARTNERS INC. removed 1,466,197 shares (-100.0%) from their portfolio in Q3 2024
- T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 1,186,021 shares (-100.0%) from their portfolio in Q2 2024
- DIMENSIONAL FUND ADVISORS LP removed 1,135,506 shares (-100.0%) from their portfolio in Q3 2024
- FIL LTD removed 1,000,000 shares (-100.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
CONCORD, Calif., Dec. 02, 2024 (GLOBE NEWSWIRE) -- AssetMark, Inc., a leading provider of wealth management and technology solutions for financial advisors, today announced the close of its acquisition of Morningstar Wealth’s Turnkey Asset Management Platform (TAMP) assets. This acquisition, a key milestone in the strategic alliance between AssetMark and Morningstar Wealth, brings approximately $12 billion in assets to AssetMark’s platform, broadening its array of investment solutions for financial advisors and their clients.
“The alliance between Morningstar Wealth and our acquisition of their TAMP assets marks a significant milestone for our company, our advisors, and their clients,” said Michael Kim, President and CEO of AssetMark. “We are thrilled to welcome advisors that currently utilize Morningstar Wealth to the AssetMark Platform. These advisors will gain access to our expansive suite of renowned investment solutions, tailored high-net-worth services, cutting-edge technology, and exceptional service, empowering them to scale and grow their businesses more efficiently. Additionally, this alliance will provide our existing advisors with access to an enhanced range of model portfolios and separately managed accounts (SMAs) from the Morningstar Investment Management team.”
Lou Maiuri, Chairman and Group CEO of AssetMark Financial Holdings, Inc., highlighted the strategic importance of the deal: 'This acquisition is a key step in advancing our long-term strategy, enhancing both our scale and capabilities to deliver even greater value to our clients. By aligning with respected industry leaders like Morningstar Wealth, we are further strengthening our position as a premier provider of comprehensive wealth management solutions.'"
The collaboration between AssetMark and Morningstar represents a powerful combination of two trusted names in financial services, each dedicated to advancing outcomes for financial advisors. As part of the collaboration, Morningstar Wealth will continue to serve as a third-party strategist on the AssetMark platform, enriching the breadth of investment services available.
"We are proud to advance our strategic alliance with AssetMark. This milestone paves the way for a smooth transition of accounts and gives advisors access to an enhanced platform experience,” said Daniel Needham, President of Morningstar Wealth. “Since launching on AssetMark, our strategies have been well received by advisors, demonstrating how each firm's distinct strengths and capabilities are coming together to empower advisor success.”
This acquisition further strengthens AssetMark’s position and reaffirms its commitment to innovation, scale, and service excellence. AssetMark looks forward to deepening its collaboration with Morningstar Wealth as they work together to expand opportunities for advisors and deliver enhanced outcomes for investors.
About AssetMark
AssetMark operates a wealth management platform whose mission is to help financial advisors and their clients. AssetMark, together with its affiliates AssetMark Trust Company, Voyant, and Adhesion Wealth Advisor Solutions, serves advisors at every stage of their journey with flexible, purpose-built solutions that champion client engagement and drive efficiency. Its ecosystem of solutions equips advisors with services and capabilities to help deliver better investor outcomes by enhancing their productivity, profitability, and client satisfaction.
With a history going back to 1996, AssetMark has over 1,000 employees, and its platform serves over 9,000 financial advisors and over 263,000 investor households. As of September 30, 2024, the Company had over $127 billion in platform assets. AssetMark, Inc. is a Registered Investment Adviser with the U.S. Securities and Exchange Commission. For more information, please visit www.assetmark.com . Follow us on LinkedIn .
About Morningstar Wealth
Morningstar Wealth is a global organization dedicated to empowering the success of advisors and individual investors alike. Our extensive range of offerings includes the Morningstar International Wealth Platform; investment strategies such as Model Portfolios and SMAs managed by the Morningstar Investment Management team, with $328 billion in assets under management and advisement as of September 30, 2024; Morningstar Office (portfolio management software); ByAllAccounts (data aggregation and enrichment); Morningstar Investor (an all-in-one investment platform for individual investors that delivers research, portfolio tracking, and tools to build and monitor wealth); and Morningstar.com (a leading resource offering market insights, investment research, and educational content to help investors make informed decisions across a range of investment topics and goals).
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and solutions that serve a wide range of market participants, including individual and institutional investors in public and private capital markets, financial advisors and wealth managers, asset managers, retirement plan providers and sponsors, and issuers of fixed-income securities. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $328 billion in AUMA as of Sept. 30, 2024. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company . Follow Morningstar on X (formerly known as Twitter) @MorningstarInc.
Media Contacts:
AssetMark
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Morningstar Wealth
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