AssetMark Closes on Acquisition by GTCR 

AssetMark Financial Holdings, Inc, the parent company of Asset Mark, has closed the acquisition by private equity firm GTCR. With the completion of the go-private deal, AssetMark is now an independent, privately owned company. The closing also concludes a multiyear partnership with China-based securities firm Huatai Securities. 

Concord, CA-based AssetMark also announced the appointment of former president, COO, and head of investment servicing at State Street Bank, Lou Maiuri, to chairman and group CEO of AssetMark Financial Holdings, Inc. Maiuri brings more than three decades of experience across asset management and financial services. Michael Kim will remain president and CEO of AssetMark. Both will join the board of directors of AssetMark Financial Holdings, Inc. 

“The wealth management industry is evolving, and the technology solutions and services that AssetMark provides will play a critical role in shaping outcomes for clients, their businesses, and ultimately, the investors they serve,” said Mauri. 

AssetMark announced its agreement to be acquired in April, and the company’s board of directors unanimously approved it. Based on an equity valuation of $2.7 billion, shareholders received cash payments of $35.25 per share. 

AssetMark is a turnkey wealth management technology platform for financial advisors. The Concord, CA-based company has more than 1,000 employees, serving over 9,200 financial advisors and over 261,000 investor households. As of June 30, 2024, the company had over $119 billion in platform assets.