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VOLUNTARY ANNOUNCEMENT
COMPLETION OF DISPOSAL OF ALL OF SHARES OF
ASSETMARK FINANCIAL HOLDINGS, INC.
Huatai Securities Co., Ltd. (the "Company") hereby announces Voluntary Announcement-Completion of Disposal of All of Shares of Assetmark Financial Holdings, Inc.
For details, please visit: http://www.rns-pdf.londonstockexchange.com/rns/0994D_1-2024-9-5.pdf.
A copy of the above document has been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Huatai Securities Co., Ltd.
September 5, 2024
CONCORD, Calif., Sept. 05, 2024 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (“the Company”), a leading wealth management technology platform for financial advisors, today began a new era of strategic growth and expansion by announcing the closing of its acquisition by GTCR, a leading private equity firm with substantial investment expertise in financial technology, wealth, and asset management.
The closing of the acquisition marks a significant milestone in AssetMark's journey and concludes a successful, multiyear partnership with Huatai Securities. With the completion of the go-private transaction, AssetMark will now operate as an independent, privately owned company.
Concurrent with the closing, AssetMark announced the appointment of Lou Maiuri to the role of Chairman and Group CEO of its parent company, AssetMark Financial Holdings, Inc. Mr. Maiuri brings more than three decades of experience across asset management and financial services, including strong entrepreneurial expertise in building businesses, managing technology development, and leading operational transformations. Michael Kim, President and CEO of AssetMark, will continue in his current role.
Mr. Maiuri and Mr. Kim will partner to collectively run AssetMark, and both will join the Board of Directors of AssetMark Financial Holdings, Inc. Under their leadership and in partnership with GTCR, AssetMark will focus on expanding its client offerings with new product capabilities and maintaining its reputation for delivering exceptional value and providing excellent service to its advisors and their clients.
“Today marks the start of an exciting new chapter for AssetMark,” said Michael Kim, President and CEO of AssetMark. “We’ve been very successful over the past eight years under Huatai’s leadership and look forward to partnering with GTCR to accelerate our growth and industry leadership position. This pivotal moment would not have been possible without the dedication of the entire AssetMark team and the support of our advisors, and I am excited to partner with a tremendous leader such as Lou as we embark on this next chapter together.”
“I’m thrilled to be joining the AssetMark team as the Company looks to propel its next phase of growth with GTCR,” said Lou Maiuri, Chairman and Group CEO 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. I look forward to working closely with GTCR, Michael, and the entire AssetMark team to strategically grow the business and unlock the company’s future potential.”
Mr. Maiuri is the former President, COO, and Head of Investment Servicing at State Street Bank. During his tenure, Mr. Maiuri held broad responsibility for operations, technology, and service and led large-scale technology modernization, revenue transformation, and cost-efficiency initiatives. Prior to State Street, he was EVP and Deputy CEO of Bank of New York Mellon (“BNY”) Asset Servicing and Chairman of BNY subsidiary Eagle Investment Systems, where he also served as CEO from 2006-2009. Prior to its acquisition by BNY, Mr. Maiuri built Eagle Investment Systems from a small start-up to a scaled investment technology platform as part of its founding leadership team from 1996-2004.
“AssetMark's unique combination of high-quality service and innovative technology has solidified its position as a leader in the wealth management industry,” said Collin Roche, Co-CEO and Managing Director at GTCR. “We are excited to partner with Lou, Michael and the AssetMark team to build on this success and drive further growth, both organically and through strategic acquisitions.”
“We look forward to leveraging GTCR’s expertise in asset management and wealth technology alongside AssetMark’s tremendous team and the strong platform they have built, to further transform the business through investment in the Company’s technology, products and people,” said Michael Hollander, Managing Director at GTCR.
The acquisition, valued at approximately $2.7 billion, was executed with the Company’s shareholders receiving $35.25 per share in cash. The transaction was approved unanimously by AssetMark's Board of Directors and was subsequently approved by written consent of shareholders representing a majority of the outstanding voting interests of the Company. GTCR has acquired a 100% interest in AssetMark, and its common stock is no longer publicly traded.
Morgan Stanley & Co. LLC served as exclusive financial advisor to AssetMark, and Davis Polk & Wardwell LLP provided legal counsel. UBS Investment Bank and Barclays served as co-lead financial advisors to GTCR and are providing debt financing support for the transaction. BofA Securities and Jefferies LLC also served as financial advisors. Kirkland & Ellis LLP provided legal counsel and Paul Hastings LLP provided regulatory legal counsel.
About AssetMark
AssetMark operates a wealth management platform whose mission is to help financial advisors and their clients. AssetMark, together with its affiliates AssetMark Trust Company, Voyant, and Adhesion Wealth Advisor Solutions, serves advisors at every stage of their journey with flexible, purpose-built solutions that champion client engagement and drive efficiency. Its ecosystem of solutions equips advisors with services and capabilities to help deliver better investor outcomes by enhancing their productivity, profitability, and client satisfaction.
With a history going back to 1996, AssetMark has over 1,000 employees, and its platform serves 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. AssetMark, Inc. is a Registered Investment Adviser with the U.S. Securities and Exchange Commission. For more information, please visit www.assetmark.com. Follow us on LinkedIn.
About GTCR
Founded in 1980, GTCR is a leading private equity firm that invests through The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $25 billion in over 280 companies, and the firm currently manages $40 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.
Media Contacts
Vesselina Davenport PR & Communications, AssetMark vesselina.davenport@assetmark.com
Andrew Johnson Chief Marketing & Communications Officer, GTCR andrew.johnson@gtcr.com
SOURCE: AssetMark Financial Holdings, Inc.
CONCORD, Calif., Aug. 12, 2024 (GLOBE NEWSWIRE) -- AssetMark (NYSE: AMK), a leading wealth management platform for financial advisors, today announced the expansion of its Cash Solutions suite with the addition of FDIC-insured certificates of deposit (CD Plus) and purchased Money Market Funds (MMFs). This strategic initiative enhances AssetMark's existing offerings, empowering advisors to capitalize on the estimated $8 billion share of wallet opportunity within the wealth client cash holding space, as identified by AssetMark's analysis.
“Cash is a critical component of any sound financial plan, yet it has often been overlooked,” said David McNatt, EVP, Head of Investment Solutions at AssetMark. “With elevated interest rates for the first time in decades, AssetMark Cash Solutions provides advisors a compelling value proposition to help clients capitalize on this environment and improve their short and long-term financial outcomes. By integrating cash management into the wealth planning conversation, advisors can demonstrate their strategic value and strengthen client relationships.”
AssetMark Cash Solutions suite transcends traditional “rate shopping” by equipping advisors with compelling products, professional guidance, and robust resources necessary to engage in consultative conversations about clients' short-term funding needs and goals. AssetMark newly launched CD Plus provides FDIC insurance coverage on multi-million-dollar cash balances, competitive rates, flexible terms, and convenient account management, enabling clients to save smarter. Combined with the recent launch of purchased money market funds and a suite of existing cash and short-term liquidity products, AssetMark is enabling advisors to create custom solutions that meet their clients' needs across different return, risk, and liquidity profiles.
AssetMark Cash Solutions empowers advisors to enhance client outcomes by improving portfolio diversification, managing cash flow, and optimizing short-term funding goals. Advisors can leverage historically high interest rates to potentially generate higher returns on cash holdings compared to traditional savings accounts. Furthermore, providing diverse and personalized cash management solutions can attract new clients seeking a holistic approach to wealth planning.
This is for informational purposes only, is not a solicitation, and should not be considered investment, legal, or tax advice. Investors seeking more information should consult with their financial advisor.
Investments are not FDIC insured, not bank guaranteed, and can lose value.
Investing involves risk, including the possible loss of principal. Past performance does not guarantee future results.
About AssetMark
AssetMark operates a wealth management platform that powers independent financial advisors and their clients. Together with our affiliates Voyant and Adhesion Wealth, we serve advisors of all models at every stage of their journey with flexible, purpose-built solutions that champion client engagement and drive efficiency. Our ecosystem of solutions equips advisors with services and capabilities that would otherwise require significant investments of time and money, ultimately enabling them to deliver better investor outcomes and enhance their productivity, profitability, and client satisfaction.
Founded in 1996 and based in Concord, California, the company has over 1,000 employees. Today, the AssetMark platform serves over 9,200 financial advisors and over 261,000 investor households. As of June 30, 2024, the company had $119.4 billion in platform assets.
ContactsInvestors:Taylor J. Hamilton, CFAHead of Investor RelationsInvestorRelations@assetmark.com
Media:Vesselina DavenportManager, PR & Communications Vesselina.Davenport@assetmark.com
For the quarter ended June 2024, AssetMark Financial reported revenue of $198.49 million, up 8.3% over the same period last year. EPS came in at $0.66, compared to $0.55 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $193.28 million, representing a surprise of +2.70%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.66.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how AssetMark Financial performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
View all Key Company Metrics for AssetMark Financial here>>>
Shares of AssetMark Financial have returned +0.4% over the past month versus the Zacks S&P 500 composite's +2.1% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
Zacks Investment Research
AssetMark Financial came out with quarterly earnings of $0.66 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items.
A quarter ago, it was expected that this financial services company would post earnings of $0.61 per share when it actually produced earnings of $0.60, delivering a surprise of -1.64%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
AssetMark Financial, which belongs to the Zacks Financial - Investment Management industry, posted revenues of $198.49 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 2.70%. This compares to year-ago revenues of $183.23 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
AssetMark Financial shares have added about 14.9% since the beginning of the year versus the S&P 500's gain of 17.2%.
What's Next for AssetMark Financial?
While AssetMark Financial has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for AssetMark Financial: favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.69 on $197.43 million in revenues for the coming quarter and $2.65 on $777.06 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Management is currently in the bottom 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, BrightSphere Investment Group , is yet to report results for the quarter ended June 2024. The results are expected to be released on August 1.
This asset manager is expected to post quarterly earnings of $0.42 per share in its upcoming report, which represents a year-over-year change of +50%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
BrightSphere Investment Group's revenues are expected to be $106.58 million, up 10.7% from the year-ago quarter.
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