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August 20, 2018 at 10:29 AM
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.
