AssetMark to Acquire $12B in Assets From Morningstar Wealth

Wealth management platform provider AssetMark is acquiring some $12 billion in assets from the Morningstar Wealth turnkey asset management platform, the two firms said Thursday.

Through the arrangement, financial advisors and clients using the Morningstar Wealth Platform will gain access to AssetMark’s full platform, which includes advisor technology, business consulting and a group of investment strategists. 

This transaction was approved by the two firms’ boards and is expected to close in the second half of 2024, subject to customary closing conditions. 

AssetMark, which is also a registered investment advisor, had close to $117 billion of platform assets as of March 31. In April, the firm struck a deal to be bought by the private equity firm GTCR for $2.7 billion. 

“This relationship represents best-in-class firms strategically aligning to provide innovative solutions and high-quality service to financial advisors and their clients,” according to AssetMark CEO Michael Kim.