AssetMark Completes Acquisition by GTCR, Launching New Era of Strategic Growth and Expansion

Core Insights - AssetMark Financial Holdings, Inc. has completed its acquisition by GTCR, marking a new phase of strategic growth and independence for the company [1][5] - The acquisition is valued at approximately $2.7 billion, with shareholders receiving $35.25 per share in cash [5] - AssetMark will now operate as a privately owned company after concluding its partnership with Huatai Securities [1] Leadership Changes - Lou Maiuri has been appointed as Chairman and Group CEO of AssetMark, bringing over 30 years of experience in asset management and financial services [2][3] - Michael Kim will continue as President and CEO, and both will join the Board of Directors [2] - The leadership team aims to expand client offerings and maintain high service standards [2][4] Strategic Focus - Under the new leadership and partnership with GTCR, AssetMark plans to enhance its technology and product capabilities [2][4] - The company aims to leverage GTCR's expertise in asset management and wealth technology to drive further growth [4][8] - AssetMark's unique combination of service and technology positions it as a leader in the wealth management industry [4] Company Background - AssetMark operates a wealth management platform serving over 9,200 financial advisors and more than 261,000 investor households [7] - As of June 30, 2024, AssetMark had over $119 billion in platform assets [7] - The company has a history dating back to 1996 and employs over 1,000 people [7] GTCR Overview - GTCR is a leading private equity firm focused on transformative growth in various sectors, including financial services and technology [8] - Since its inception, GTCR has invested over $25 billion in more than 280 companies and currently manages $40 billion in equity capital [8]