AssetMark Sold to PE Firm for $2.7B

Platform provider AssetMark is being acquired by the private equity firm GTCR for $2.7 billion, the two firms said Tuesday.

“This transaction is a testament to the support and commitment of [majority shareholder] Huatai [Securities] over the past seven years, and the hard work of the entire AssetMark team,” AssetMark CEO Michael Kim said in a statement. “Together with Huatai, we have accomplished remarkable results, and we look forward to partnering with GTCR on the next phase of growth.” 

Based in Concord, California, AssetMark has about $117 billion of assets on its platform and serves roughly 9,300 financial advisors.

“AssetMark is a leader in the wealth technology industry, combining a high-quality service orientation with innovative technology and products that financial advisors rely on to support their clients,” said Collin Roche, co-CEO and managing director of GTCR, in a statement.

“We would like to congratulate Huatai Securities, AssetMark’s majority shareholder, on the substantial increase in the scale and profile of the business during Huatai Securities’ majority ownership which began in 2016,” Roche added.