AssetMark Completes Acquisition of Morningstar Wealth TAMP Assets
Deal News | Dec 02, 2024 | Globenewswire
In a strategic move, AssetMark, Inc., a leading provider of wealth management and technology solutions, has completed the acquisition of Morningstar Wealth's Turnkey Asset Management Platform (TAMP) assets, adding approximately $12 billion in assets to its platform. This acquisition marks a significant milestone in the strategic alliance between the two firms. AssetMark's President and CEO, Michael Kim, expressed enthusiasm about the integration, noting the enhanced suite of investment solutions now available to both new and existing advisors. Lou Maiuri, Chairman and Group CEO, emphasized the strategic importance of the acquisition in bolstering AssetMark's scale and capabilities. The collaboration aims to deliver greater value and a seamless platform experience for financial advisors, with Morningstar Wealth continuing as a third-party strategist on the AssetMark platform. The acquisition reaffirms AssetMark's commitment to innovation and service excellence, while Morningstar Wealth aims to empower advisor success through their strategic alliance. AssetMark, with a history dating back to 1996, serves over 9,000 financial advisors and over 263,000 investor households. Meanwhile, Morningstar Wealth, a global organization, manages $328 billion in assets, offering a diverse range of investment strategies and management services.
Sectors
- Wealth Management
- Financial Technology (FinTech)
Geography
- United States – AssetMark, Inc. is based in Concord, California, and the transaction primarily involves U.S.-based operations and advisors.
- Global – Morningstar, Inc. operates in 32 countries, reflecting the global scope of the collaboration and service offerings.
Industry
- Wealth Management – The acquisition involves the addition of TAMP assets to AssetMark's platform, which serves financial advisors and investor households, signifying its role in wealth management.
- Financial Technology (FinTech) – AssetMark provides technology solutions for financial advisors, and Morningstar Wealth offers platforms and management tools, categorizing both in the FinTech space.
Financials
- $12 billion – Value of the TAMP assets acquired by AssetMark from Morningstar Wealth.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| AssetMark, Inc. | Bidding Company/Buyer | Company | A leading provider of wealth management and technology solutions for financial advisors, based in the United States. |
| Morningstar Wealth | Target Company | Company | Provides turnkey asset management platform (TAMP) and wealth solutions, part of Morningstar, Inc. |
| Michael Kim | President and CEO of AssetMark | People | Executive leader at AssetMark involved in strategic decisions regarding acquisitions and alliances. |
| Lou Maiuri | Chairman and Group CEO of AssetMark Financial Holdings, Inc. | People | Key executive overseeing AssetMark's strategic growth and acquisition activities. |
| Daniel Needham | President of Morningstar Wealth | People | Executive at Morningstar Wealth, contributing to the strategic alliance with AssetMark. |
| Morningstar, Inc. | Other Company (parent of Morningstar Wealth) | Company | Leading provider of independent investment insights with a global presence. |