AssetMark Financial enters strategic alliance with Morningstar Wealth

AssetMark (AMK) announced a strategic alliance with Morningstar Wealth, a division of independent investing insights firm Morningstar, Inc. (MORN). As part of the alliance, AssetMark will acquire approximately $12 billion in assets from the Morningstar Wealth Turnkey Asset Management Platform. Financial advisors and clients on Morningstar Wealth’s TAMP will have access to AssetMark’s platform, which provides industry-leading service, advisor technology, business consulting, and a carefully curated set of investment strategists. The account migration process will be designed to be seamless, as it will generally not require additional new client paperwork and clients’ performance histories will be maintained. Additionally, financial advisors currently working with AssetMark will gain access to a wide range of model portfolios and separately managed accounts managed by the Morningstar Investment Management team, which has over $290 billion of assets under management and advisement globally. Morningstar Wealth will join the AssetMark platform as a third-party strategist and continue to expand its lineup of investment services. This transaction was approved by the Boards of Directors of both AssetMark and Morningstar, Inc. and is expected to close in the second half of 2024, subject to regulatory approval, necessary consents, and other customary closing conditions.