AssetMark’s Chinese Owner Explores Strategic Options Including Stake Sale
News>Industry AssetMark’s Chinese Owner Explores Strategic Options Including Stake Sale Huatai Securities Co. is working with advisors as it evaluates possibilities for the US asset-management platform including a full or partial sale. (Bloomberg) -- AssetMark Financial Holdings Inc.’s Chinese controlling shareholder is exploring options for the business including a potential sale, people with knowledge of the matter said.
Huatai Securities Co. is working with advisers as it evaluates possibilities for the US asset-management platform including a full or partial sale, the people said, asking not to be identified because the information is private.
AssetMark shares gained 15% this year through Friday, valuing the company at just under $2 billion. The Chinese brokerage owns almost 70% of the company, according to securities filings. Deliberations are ongoing, and there’s no certainty they will result in a transaction.
A spokesperson for AssetMark declined to comment, while a representative for Huatai didn’t immediately respond to a request for comment.
AssetMark, based in Concord, California, promoted Michael Kim in September to chief executive officer, succeeding Natalie Wolfsen. Founded in 1996, the company says it serves more than 9,300 financial advisers and had $100.8 billion in platform assets as of June 30. Huatai acquired the company in 2016 before taking AssetMark public in a 2019 initial public offering.
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Originally posted on: https://www.wealthmanagement.com/industry/assetmark-s-chinese-owner-explores-strategic-options-including-stake-sale