AssetMark Completes Acquisition of Key TAMP Business Assets in Strategic Alliance with Morningstar Wealth

Core Insights - AssetMark, Inc. has completed the acquisition of Morningstar Wealth's Turnkey Asset Management Platform (TAMP) assets, adding approximately $12 billion in assets to its platform, enhancing its investment solutions for financial advisors and their clients [1][2][3] Group 1: Acquisition Details - The acquisition is a significant milestone in the strategic alliance between AssetMark and Morningstar Wealth, aimed at broadening the investment solutions available to financial advisors [1][2] - The deal will allow advisors currently using Morningstar Wealth to access AssetMark's extensive suite of investment solutions, high-net-worth services, and advanced technology [2][3] Group 2: Strategic Importance - The acquisition is seen as a key step in advancing AssetMark's long-term strategy, enhancing its scale and capabilities to deliver greater value to clients [2][3] - Morningstar Wealth will continue to act as a third-party strategist on the AssetMark platform, enriching the investment services offered [2][3] Group 3: Company Background - AssetMark operates a wealth management platform that serves over 9,000 financial advisors and more than 263,000 investor households, with over $127 billion in platform assets as of September 30, 2024 [5] - Morningstar Wealth manages approximately $328 billion in assets under management and advisement as of September 30, 2024, and offers a range of investment strategies and platforms [6][8]