On June 20, 2024, AssetMark Inc. announced a strategic alliance with Morningstar Wealth.
AssetMark Inc. (“AssetMark”) announced, on June 20, 2024, a strategic alliance with Morningstar Wealth. Under the terms of the transaction, AssetMark will acquire approximately $12 billion in assets from the Morningstar Wealth Turnkey Asset Management Platform (“TAMP”). Morningstar Wealth will join AssetMark as a third-party strategist, and Morningstar Wealth’s TAMP advisors and clients will gain access to AssetMark’s platform. Further terms of the transaction were not disclosed.
AssetMark, based in Concord, California, is a registered investment adviser that provides wealth management and technology solutions for independent financial advisors and their clients. As of March 2024, AssetMark had $116.9 billion in platform assets.
Morningstar Wealth, based in London, is an investment management firm and a provider of advisor and investor solutions, including its TAMP, portfolio management software, and individual investor platform. The Morningstar Investment Management team has over $290 billion in assets under management and advisement.
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