AssetMark to acquire $12B in assets from Morningstar

AssetMark to acquire $12B in assets from Morningstar

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.”