Non-public fairness firm GTCR has accomplished its acquisition of AssetMark Monetary Holdings, the mother or father firm of AssetMark, the turnkey asset administration and know-how supplier. With the acquisition, AssetMark has been delisted from the general public markets and is now an impartial, privately owned firm.
AssetMark introduced it had agreed to the sale in April, and it was accepted unanimously by the corporate’s board of administrators. Stockholders acquired $35.25 per share in money based mostly on an fairness valuation of $2.7 billion.
The corporate has additionally appointed Lou Maiuri, former president, chief working officer and head of funding servicing at State Road Financial institution, as chairman and group CEO of AssetMark Monetary Holdings. AssetMark President and CEO Michael Kim will proceed in his function. Each will be a part of the board.
The 2 leaders will concentrate on increasing AssetMark’s product capabilities, in keeping with a press release.
“The wealth administration business is evolving, and the know-how options and providers that AssetMark offers will play a essential function in shaping outcomes for shoppers, their companies, and in the end, the buyers they serve,” Maiuri stated in a press release. “I look ahead to working intently with GTCR, Michael, and the complete AssetMark group to strategically develop the enterprise and unlock the corporate’s future potential.”
The AssetMark platform helps customized portfolio creation, administration, superior analytics, efficiency reporting, and asset custody providers.
In recent times, the agency has added monetary planning through its acquisition of Voyant, and prospecting and advertising and marketing, amongst different applied sciences, to construct an end-to-end platform resolution for advisory corporations.
In accordance with securities filings, Chinese language securities agency Huatai Securities bought a majority stake within the agency for $768 million in 2016, in the end proudly owning virtually 70% of the corporate.
