Private equity firm GTCR has completed the acquisition of AssetMark Financial Holdings, the parent company of AssetMark, a provider of asset management and turnkey technology. With the acquisition, AssetMark has been delisted from the public markets and is now an independent, privately owned company.
Brand of Wealth announced that it had agreed to the sale in April and was unanimously approved by the company's board of directors. Shareholders received $35.25 per share in cash based on an equity valuation of $2.7 billion.
The company has also named Lou Maiuri, former president, chief operating officer and chief investment officer at State Street Bank, as chairman and group CEO of AssetMark Financial Holdings. AssetMark President and CEO Michael Kim will continue in his role. Both will join the board.
Both leaders will focus on expanding AssetMark's product capabilities, according to a statement.
“The wealth management industry is evolving and the technology solutions and services that AssetMark provides will play a critical role in shaping outcomes for clients, their businesses and ultimately, the investors they serve,” Maiuri said in a statement. . “I look forward to working closely with GTCR, Michael and the entire AssetMark team to strategically grow the business and unlock the company's future potential.”
The AssetMark platform supports custom portfolio creation, management, advanced analytics, performance reporting and asset custodial services.
In recent years, the firm has added financial planning through the acquisition of Voyant and research and marketingamong other technologies, for build an end-to-end platform solution for consulting firms.
According to securities filings, the Chinese securities firm Huatai Securities bought a majority stake in the firm for $768 million in 2016eventually owning almost 70% of the company.