AssetMark Acquires $12 Billion in Wealth TAMP Assets from Morningstar

Morningstar Wealth TAMP clients and advisers will gain access to AssetMark’s platform, while advisers using AssetMark can access to Morningstar’s model portfolios and managed accounts.

AssetMark, which runs a wealth management platform for advisers, announced a partnership with Thursday whereby AssetMark will acquire $12 billion in assets from the Morningstar Wealth Turnkey Asset Management Platform.

Under the agreement, Assetmark’s wholly owned registered investment advisory will take on the assets, giving Morningstar Wealth’s TAMP clients and financial advisers access to AssetMark’s platform, which offers investment strategists, adviser technology and business consultancy. The performance histories of the clients will be preserved during the account migration procedure, and typically no new paperwork will be needed, according to the announcement. The transaction is anticipated to close in the second half of 2024.

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“Morningstar has a rich heritage of providing comprehensive investment insights and services to advisers and financial professionals around the globe,” Michael Kim, CEO of AssetMark, said in statement. “This relationship represents best-in-class firms strategically aligning to provide innovative solutions and high-quality service to financial advisors and their clients.”

The Morningstar Investment Management team, which has over $290 billion in assets under management and advice globally, will make a variety of model portfolios and independently managed accounts available to financial advisers who currently work with AssetMark. As a third-party strategist on the AssetMark platform, Morningstar Wealth will continue adding new investment services to its portfolio.

“AssetMark has a long track record of providing financial advisers with the service, tools, and investments they need to build a thriving practice, and we look forward to making our models accessible to more advisors,” Daniel Needham, president of Morningstar Wealth, said in a statement.

The deal marks another in a list of acquisitions for AssetMark. In 2021, the firm acquired Voyant, a provider of SaaS-based financial planning solutions. The following year, it acquired Adhesion Wealth, a provider of wealth management technology solutions to registered investment advisers, enterprises and asset managers.

AssetMark is also going through its own acquisition agreement with private equity firm GTCR announced in April. According to that deal, the wealth management platform will be privatized after being purchased by GTCR for $2.7 billion.

With this acquisition, GTCR, which has $40 billion in equity and has large stakes in the financial services, technology and health care industries, plans to take advantage of AssetMark’s platform to increase its market share. GTCR projects that the transaction will close by the fourth quarter of this year.

Retirement Industry People Moves – 6/21/24

Ascensus names regional VP for retirement sales; Nowak promoted to DC director at Marquette; Alerus names health and welfare sales consultant; and more. 

Ascensus Appoints Regional VP to Support Retirement Sales

Ascensus has appointed Maggy Flowers as regional vice president for the Southwest.

Flowers will work with advisers and expand on new and existing opportunities in Arizona, New Mexico and Nevada, according to an Ascensus press release. Flowers reports to Lori Zeman, division vice president for the Western region.

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“We’re fortunate to have the opportunity to further develop our sales team with the addition of Maggy and her established skills in creating and providing value to everyone she works with,” Zeman said. “We’re on a mission to help more savers save more, and with Maggy covering important states in the Southwest region, she will only increase our momentum towards that goal.”

Marquette Makes Nowak DC Director

Matthew Nowak

Investing consultant Marquette Associates promoted Matthew Nowak to associate director of defined contribution, effective June 1, according to the firm.

Nowak was previously an assistant vice president and defined contribution specialist.

Alerus Hires Consultant 

Larry Maistelman

Alerus Financial announced it has hired Larry Maistelman as a health and welfare sales consultant. Maistelman works directly with health insurance brokers, consultants and employers throughout New York, New England and the Southeast to develop benefits programs.

He reports to Sean Kadel, director of health and welfare sales at Alerus, according to an Alerus press release. Prior to Alerus, Maistelman was a regional sales manager at Benefit Resource Inc.

Empower Hires Emmy Award-Winning Broadcaster to Deliver Financial Insights

Vanessa Welch

Empower announced it has appointed broadcaster Vanessa Welch as vice president of financial insights

In the newly created role, Welch will work with Empower’s business teams to help stakeholders understand the meaning and implications of financial concepts and how individuals can improve their own financial security, according to an Empower press release.

“Vanessa has all the tools and expertise to help Empower serve as a beacon of clarity and a source of insights to help more people achieve a better understanding of the financial services they need and want,” said Edmund F. Murphy III, CEO and president of Empower.

Welch joined Empower, effective June 3 from television station WFXT Boston 25 News, which is a Fox network affiliate. She reports to Steve Gawlik, senior vice president for corporate affairs. For Welch’s work as a broadcaster, she has won eight Emmy awards.

Empower Appoints Head of Large, Mega and Not-For-Profit Segment

Casey Craig

Empower announced it promoted Casey Craig, effective July 1, to executive vice president leading large, mega and not-for-profit retirement plan segments.

Craig will replace Bill McDermott, who will retire, according to a press release. He was previously a vice president and head of sales for large, mega and not-for-profit segments at Empower. Craig will report to Rich Linton, president and chief operating officer of Empower.

“Casey has deep experience working across the marketplace with consultants, advisers and plan sponsors,” said Linton. “He brings a wealth of industry expertise and an outstanding track record of advocating for client service. He has impressive instincts on how to help clients build the retirement plans they need for their employees.”

Alternatives Investment Manager Hires Samantha DeZur

Samantha DeZur

Millennium Management has hired Samantha DeZur as head of public policy, according to a company spokesperson.

Prior to joining the investment manager, specializing in alternative asset management, DeZur was the head of regulatory affairs and capital markets policy at BlackRock.

Smith Joins Park Avenue Capital

Brad Smith

Brad Smith has joined Northwestern Mutual’s private client group Park Avenue Capital, as a principal.

Smith is a certified financial planner, specializing in financial planning, retirement income and estate preservation strategies for high-net-worth families and businesses, Park Avenue Capital said in a press release.

Smith reports to Peter Tiboris, CEO and partner at Park Avenue Capital.  

“Brad and his staff are a great addition to Park Avenue Capital, bringing a wealth of experience and knowledge to our advisory team,” said Tiboris.

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