AssetMark to acquire $12B in assets from Morningstar
America ı By Rihem Akkouche
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Davis Polk & Wardwell LLP-advised wealth management platform AssetMark Inc. announced on Thursday a strategic partnership with Morningstar Wealth. As part of this deal, AssetMark will acquire roughly $12 billion in assets from Morningstar Wealth's Turnkey Asset Management Platform (TAMP).
AssetMark to acquire $12B in assets from Morningstar : Expanded Offerings for Financial Advisors
Upon the deal's closure, financial advisors currently working with AssetMark will gain access to a variety of model portfolios and separately managed accounts managed by Morningstar's investment management team. This team oversees more than $290 billion in assets under management and advisement, according to the statement released on Thursday.
About Morningstar Wealth
Morningstar Wealth is a division of Morningstar Inc., a provider of independent investment insights operating across North America, Europe, Australia, and Asia. Morningstar offers products and solutions serving individual and institutional investors, financial advisors, wealth managers, and asset managers, among others, as detailed in the statement.
AssetMark to acquire $12B in assets from Morningstar : Strategic Synergies
"Our alliance with AssetMark marks a significant milestone for our business. AssetMark has a long track record of providing financial advisors with the service, tools, and investments they need to build a thriving practice, and we look forward to making our models accessible to more advisors," said Morningstar Wealth President Daniel Needham. "We are aligning our efforts with a clear vision to combine the strengths of our unique capabilities, enabling the advisors we support to serve investors more effectively."
Enhancing Client Services
Through the partnership, financial advisers and clients from Morningstar Wealth's TAMP will gain access to AssetMark's platform, which includes adviser technology, business consulting, and a curated set of investment strategies. Morningstar Wealth will join AssetMark's platform as a third-party strategist.
AssetMark assured that the account migration process will "generally not require" any additional new client paperwork, and clients' performance histories will remain intact.
AssetMark to acquire $12B in assets from Morningstar : Leadership Comments
"This relationship represents best-in-class firms strategically aligning to provide innovative solutions and high-quality service to financial advisors and their clients," said AssetMark CEO Michael Kim.
Recent Developments
The partnership announcement comes just two months after AssetMark revealed it agreed to be bought by private equity giant GTCR for roughly $2.7 billion, with the deal expected to close in the fourth quarter of this year.
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