AssetMark Acquires Assets of Clark Capital's Turnkey Asset Management Program
Continues to Expand Position as Investment Platform Leader
CONCORD, Calif., June 25, 2015 /PRNewswire/ --
- Acquisition includes $1.75 B in assets of the full-service, turnkey asset management program of Clark Capital Management Group
- Clark Capital joining the AssetMark platform as third-party strategist
- Clark Capital to continue to provide asset management solutions
AssetMark, Inc. announced today that it has agreed to acquire the full-service, turnkey asset management program assets of Clark Capital Management Group, an asset management firm based in Philadelphia. Clark Capital will continue to operate as an independent asset manager providing solutions to AssetMark as a third-party strategist and to other platforms through which it already distributes its solutions.
"We continuously seek innovative solutions to further augment our platform capabilities for advisors and their clients," said Charles Goldman, President and CEO of AssetMark. "Clark Capital offers attractive investment solutions that meet the evolving personalization needs that advisors are seeing from a growing number of investors. We also see great synergy in working with their established and experienced relationship management team."
Clark Capital offers advisors a range of asset management services with a focus on long-term investment results achieved through meaningful diversification, risk management and opportunistic asset allocation. Clark Capital's services, which are anchored by personalized portfolio construction, include the ability to customize to client's individual objectives. The firm also offers a range of ETF strategies and SMAs that advisors may use individually or as part of a broader portfolio solution.
Advisors working with AssetMark will see investment strategies from Clark Capital as investment choices alongside the other portfolio strategists offered through the firm's advanced and carefully curated investment platform. "The Personalized Unified Managed Account (PUMA) service, for example, will add sought-after capability for advisors working with the AssetMark platform," said Jerry Chafkin, Chief Investment Officer of AssetMark.
Clark Capital has $1.75 billion in assets under management on its turnkey asset management program, which serves approximately 670 advisors, and an additional $1.55 billion in assets to which Clark Capital acts as an asset manager. After the closing, which is targeted for the third quarter, AssetMark will have approximately $27 billion in total assets.
"This transaction allows us to focus on what we've been doing best for nearly 30 years – developing a combination of innovative and traditional strategies that can help clients stay on track to reach their goals," said Harry Clark, Clark Capital Chairman and CEO. "Advisors who transition to AssetMark will continue to have access to Clark Capital's full suite of investment capabilities and relationships, alongside AssetMark's expansive platform capabilities encompassing asset management, technology and industry-leading practice management."
About AssetMark, Inc.
AssetMark, Inc. is a leading independent provider of innovative investment and consulting solutions serving financial advisors. The firm provides investment, relationship and practice management solutions that advisors use to help clients achieve their investment objectives and life goals. AssetMark, Inc. and its affiliate, Aris Wealth Services, Inc., have approximately $26 billion in combined assets on their respective platforms and a history of innovation spanning over 20 years. For more information, visit http://www.assetmark.com/ and follow @AssetMark on Twitter. (https://twitter.com/assetmark)
About Clark Capital Management Group
Clark Capital Management Group is an asset management firm providing institutional quality investment solutions to individual investors, corporations, foundations, and retirement plans. The firm was founded in 1986 and has been entrusted with approximately $3.3 billion in assets. Our investment philosophy is driven by a single-minded focus: to add value for our collective clients. This focus requires us to seek superior risk-adjusted returns over full market cycles. It compels us to maintain a long-term perspective and provide innovative investment management solutions that enable advisor clients to achieve their life cycle goals. For more information, visit ccmg.com and follow @ClarkCapital on Twitter.
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SOURCE AssetMark, Inc.
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