AssetMark, a provider of investment, relationship and practice management solutions for advisors, announced Monday that it is being acquired by Chinese securities firm Huatai Securities, which will purchase the firm from its private equity owners Aquiline Capital Partners and Genstar Capital. The transaction is expected to close before the end of the year.
When the deal is completed, AssetMark will become an indirect subsidiary of Huatai, and, according to a company statement, operate as an independent company with the same leadership team, brand sales and service structure and strategy. Asset Mark’s portfolio strategist lineup and its custodian options will also remain unchanged.
In a statement announcing the deal, AssetMark President and CEO Charles Goldman said both companies “share a common belief in delivering outstanding service and innovation solutions to advisors and the investors they serve.”
This is the third sale of AssetMark within the past nine years and the first U.S. investment by Huatai Securities. In 2007, AssetMark was acquired by Genworth Financial and renamed Genworth Wealth Management. Six years later it was sold to Aquiline and Genstar and renamed AssetMark.
AssetMark is 20 years old and has approximately $29.3 billion in assets on its platform, which is used by nearly 7,000 advisors.