AssetMark, a turnkey asset management platform that used to be part of Genworth, has filed its S-1 with the Securities and Exchange Commission for an initial public offering on the New York Stock Exchange.
The company, which provides portfolio construction and technology solutions to retail financial advisors, plans to raise up to $100 million and will list under the ticker “AMK.” The public filing for the Concord, Calif.-based company does not indicate the number of shares to be offered or the price range. The firm's 2018 revenue was $363.6 million, with an adjusted EBITDA of $88.9 million, according to the filing.
AssetMark, which has $50 billion in platform assets and more than 7,600 advisors on the platform, was acquired by Chinese securities firm Huatai Securities in 2016 for about $768 million.
Last summer, AssetMark acquired Global Financial Private Capital, a TAMP founded in 1991, adding 300 advisors and $5.7 billion in assets.
It also recently launched an online investment and planning experience, WealthBuilder, aimed at helping advisors better address client goals, rather than focusing purely on portfolio performance. After establishing objectives in a client meeting, for example, clients are able to access and track their stated goals in the portal, along with viewing information on transaction histories.
Last year, NorthStar Financial Services Group, the parent company of Orion Advisor Services and CLS Investments, acquired FTJ FundChoice, a turnkey asset management platform.
Some smaller companies are already wedging their way into the market with unique approaches. Scott MacKillop’s First Ascent took an early lead in charging advisors a flat fee for outsourced investment management, and Rowling & Associates, a San Diego-based registered investment advisor has a platform not very different from what other TAMPs provide but charges a flat annual fee of $6,000, compared with as much as 30 basis points that other platforms charge.
AssetMark announced it had submitted a "confidential" registration statement with the SEC earlier in the year.
