AssetMark to Enter Strategic Alliance with Morningstar Wealth, Acquire Assets from TAMP Business

Core Insights - AssetMark, Inc. has announced a strategic alliance with Morningstar Wealth, acquiring approximately $12 billion in assets from Morningstar's Turnkey Asset Management Platform (TAMP) [1][3] - The alliance aims to enhance service offerings for financial advisors and clients, providing access to AssetMark's platform and a range of investment strategies [1][2] - The transaction is expected to close in the second half of 2024, pending regulatory approval and customary closing conditions [3] Company Overview - AssetMark Financial Holdings, Inc. operates a wealth management platform serving over 9,200 financial advisors and more than 257,000 investor households, with $116.9 billion in platform assets as of March 31, 2024 [5] - Morningstar Wealth offers a variety of investment services, including model portfolios and portfolio management software, with approximately $294 billion in assets under management and advisement [6][7] - The strategic alliance is seen as a significant milestone for both companies, combining their strengths to better serve financial advisors and their clients [2][5]