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AssetMark Acquires Global Financial Private Capital: Portfolio Products

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The more than 300 advisors with $5.7B in assets under management at Global Financial Private Capital now will  have access to AssetMark’s investment and consulting solutions  as a result of AssetMark’s purchase of the firm.

AssetMark recently announced that it acquired Global Financial Private Capital, a Florida-based provider of wealth management services for financial advisors. The transaction is expected to close by the end of 2018.

This is AssetMark’s first acquisition of an RIA.

“AssetMark is dedicated to building deep relationships and making a difference in the lives of both advisors and their clients, and this transaction allows us to help even more valued advisors realize their dreams of running great businesses and helping investors achieve their goals,” Charles Goldman, president and CEO of AssetMark, said in a statement. “Our firms share the same core values and we have an incredible alignment of focus that will benefit the advisor community.”

Upon completion of the purchase, Global Financial advisors will have access to AssetMark’s approach to investing and a broad range investment solutions and custom high-net-worth solutions. They also will benefit from AssetMark’s technology to scale their businesses and provide value to their clients with robust planning and analytic tools.

According to Global Financial CEO Michael Bell, this transaction will accelerate Global Financial’s ability to deliver “the comprehensive and compelling capabilities that our advisors require and deserve as elite independent advisors.”

The Global Financial team is looking forward to working closely with AssetMark to integrate our platforms and providing our advisors with a market-leading foundation that is proven to help independent advisors grow and prosper,” Bell said in a statement.

Perth Mint Launches Physical Gold ETF

The Perth Mint, Australia’s largest precious metals refining, minting and depository enterprise, launched the Perth Mint Physical Gold ETF (AAAU) on the New York Stock Exchange.

AAAU shares are backed by physical gold with a purity of at least 99.5% and secured within The Perth Mint’s network of central bank grade vaults in Western Australia. The Perth Mint may, on rare occasions, store the gold in other highly secure vaults. All the gold held on behalf of AAAU is guaranteed by the Government of Western Australia.

A key feature of AAAU is that investors may, at any time, exchange their shares for delivery of physical gold. Shareholders may select from an extensive suite of premium bullion bars and coins available from The Perth Mint, which is also one of the largest suppliers of gold coins to the U.S. market.

As the refiner and manufacturer of precious metals products, the Perth Mint offers investors delivery of gold to their door.

Furthermore, the fund will pay all its expenses in gold ounces, minimizing potential tracking errors in the gold price.

The Bank of New York Mellon has been appointed as the fund’s trustee and Exchange Traded Concepts as its administrative sponsor.

The fund has an expense ratio of 0.18%.

Bitwise Launches Three New Indexes

Bitwise Index Services, a subsidiary of Bitwise Asset Management, announced the launch of three additional indexes covering the mid-cap, small-cap, and total-market segments of the cryptoasset market as well as the renaming of the HOLD 10 Index.

The Bitwise Crypto Index family now features:

  • Bitwise 20 Mid Cap Crypto Index (BITW20),
  • Bitwise 70 Small Cap Crypto Index (BITW70),
  • Bitwise 100 Total Market Crypto Index (BITW100),
  • and Bitwise 10 Large Cap Crypto Index (BITX), formerly the Bitwise HOLD 10 Index.

The Bitwise Crypto Indexes are broadly available throughout the financial ecosystem, including via Bloomberg, Reuters, FactSet, and other data aggregators, as well as the Bitwise website and API.

The Bitwise Crypto Indexes capture the investable cryptoasset market as measured and weighted by free-float and five-year inflation-adjusted market capitalization. The index methodology features rules that mitigate risks surrounding liquidity, security, exchange concentration, regulatory status, and more, and aim to fully capture the investable cryptomarket opportunity.

Bitwise performs extensive research on more than 250 cryptoassets in the course of building its indexes, and consolidates pricing on thousands of individual crypto pairs representing 99.9% of all eligible cryptoasset volume.

Loncar China BioPharma ETF Launches on Nasdaq

The Loncar China BioPharma ETF (CHNA) is now trading on the Nasdaq in the United States.

The CHNA ETF seeks to give investors access to China’s rapidly-developing biopharmaceutical industry. It is based on the Loncar China BioPharma Index, an index developed by biotechnology investor Brad Loncar.

The fund invests in 28 companies, 22 of which are listed on the Hong Kong Stock Exchange and six of which are listed on Nasdaq, offering investors distinct, global exposure through the convenience of one security.

CHNA has an expense ratio of 0.79%.

Exchange Traded Concepts, which acts as a portal to launch new, custom exchange-traded funds efficiently and cost-effectively through a complete turnkey solution, partnered with Loncar Investments on the launch of the fund.

Vestmark Announces Innovative Options Trading and Risk Management Capabilities

Vestmark announced a new release of the VestmarkONE platform that includes a highly advanced options trading module for retail managed accounts.

The latest VestmarkONE module enables advisors to scale options trading by eliminating the need to trade options account by account.

Now, hundreds or even thousands of accounts can be traded at once, without impacting accounts following models, avoiding false rebalancing alerts or model drift notifications.

This capability allows advisors to more efficiently use options in advisor-managed programs, and facilitates the use of option strategies in centrally managed and separately managed account programs as well.

Along with these block trading capabilities, the module provides corresponding automated risk management features which can be configured to automatically encumber securities underlying the contracts such as covered calls to prevent over exposed positions. These auto risk features also can perform pre-trade compliance checks to ensure strategies are allowed by the account’s option level prior to placing trades, and they can proactively identify accounts with expiring options to allow advisors to manage those contracts.


—Read last week’s portfolio product roundup here: WisdomTree Launches Two Actively Managed Multifactor ETFs: Portfolio Products


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