AssetMark Financial Holdings Inc. Acquired by Private Equity Firm GTCR

AssetMark Financial Holdings Inc. has officially been acquired by private equity firm GTCR in a deal worth $2.7 billion. The turnkey asset management platform and technology provider announced the acquisition on Thursday, with stockholders set to receive $35.25 per share in cash.

GTCR, based in Chicago, has a history of investing in various industries and sectors, including wealth management. In 2020, the firm took a 25% stake in Captrust Financial Advisors, which has since seen significant asset growth.

AssetMark CEO Michael Kim, who joined the firm in 2010, expressed excitement about the acquisition, noting the shift towards the independent hybrid model in the industry. The firm, which currently has approximately $117 billion of assets on its platform, has reported a 14.5% year-over-year increase in platform assets.

With over 9,300 financial advisors and 257,000 investor households on its platform, AssetMark offers a range of services including custom portfolio creation, management, and advanced analytics. The firm has also been investing heavily in technology, with a $60 million capital budget dedicated to technology in 2024.

Founded in 1996 and based in California, AssetMark was previously majority-owned by Chinese securities firm Huatai Securities. The acquisition by GTCR marks a new chapter for the firm as it continues to expand its offerings and services in the wealth management industry.