TROW - AssetMark & Morningstar Wealth Form Strategic Alliance | Benzinga
AssetMark Financial Holdings Inc.'s (NYSE: AMK) wholly-owned subsidiary AssetMark Inc. entered into a strategic coalition with Morningstar Wealth, a division of Morningstar Inc. (NASDAQ: MORN). The transaction, approved by the board of directors of both companies, is expected to be closed in the second half of 2024, subject to regulatory approvals.
AssetMark will acquire roughly $12 billion in assets from Morningstar Wealth Turnkey Asset Management Platform ("TAMP") as part of the alliance. AssetMark's platform, which offers top-tier service, advisor technology, business consulting and a diligently selected group of investment strategists, will be accessible to financial advisors and clients on Morningstar Wealth's TAMP.
Further, AssetMark's financial advisors will gain access to a broad range of model portfolios and separately managed accounts managed by the investment management team of Morningstar, having more than $290 billion of assets under management and advisement worldwide. Morningstar Wealth will integrate into AMK's platform as a third-party strategist and continue broadening its investment services range.
Michael Kim, CEO of AssetMark, said, "This relationship ...