AssetMark to acquire assets from Morningstar Wealth TAMP

Wealth management platform AssetMark is acquiring $12 billion in assets from Morningstar Wealth’s Turnkey Asset Management Platform (TAMP).

Morningstar Wealth will join the AssetMark platform as a third-party strategist and continue to expand its lineup of investment services.

In the months after the deal closes, clients of Morningstar Wealth’s TAMP will have their accounts transitioned to AssetMark’s platform.

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

“Our alliance with AssetMark marks a significant milestone for our business. AssetMark has a long track record of providing financial advisors 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. We are aligning our efforts with a clear vision to combine the strengths of our unique capabilities, enabling the advisors we support to serve investors more effectively.” – Daniel Needham, President of Morningstar Wealth.

This transaction was approved by the Boards of Directors of both AssetMark and Morningstar and is expected to close in the second half of 2024, subject to regulatory approval, necessary consents, and other customary closing conditions.

In April, AssetMark announced that it had agreed to be acquired by private equity firm GTCR , with an equity valuation of $2.7 billion. As a side note, one of GTCR’s portfolio companies is AssuredPartners.