AssetMark, the turnkey asset management platform and technology provider that went private last year, has hired Alex Pape as its new chief technology and product officer. Pape joins from BlackRock, where he served as global head of product for its Aladdin wealthtech business.
In the new role, Pape will be responsible for the development of AssetMark’s technology.
Muk Mehta, who joined AssetMark in 2017 as chief information officer, will continue in that role, overseeing the company’s infrastructure, security and data strategy.
Pape and Mehta both report to Lou Maiuri, chairman and group CEO of AssetMark. Maiuri, a former president, chief operating officer and head of investment servicing at State Street Bank, joined the firm when private equity company GTCR closed on its acquisition of AssetMark in September.
“This is a strategically important move as we continue to strengthen our leadership team to support AssetMark’s growth and innovation strategy,” Maiuri said in a statement. “To achieve our strategic goals, we are further strengthening our already strong IT leadership team. Alex’s experience and vision will be invaluable as we continue to scale and innovate, ensuring that our technology and product offerings remain best-in-class.”
AssetMark President and CEO Michael Kim continues in his role. Kim was promoted to that position in 2023 when Natalie Wolfsen left to run Orion.
The AssetMark platform supports custom portfolio creation, management, advanced analytics, performance reporting and asset custody services.
In recent years, the firm has added financial planning via its acquisition of Voyant, and prospecting and marketing, among other technologies, to build an end-to-end platform solution for advisory firms.
Late last year, the company closed on its acquisition of Morningstar Wealth’s TAMP assets, bringing approximately $12 billion of assets to the AssetMark platform.
In September, GTCR completed its acquisition of AssetMark Financial Holdings, the parent company of AssetMark. With the acquisition, AssetMark was delisted from the public markets and now operates as an independent, privately owned company.
AssetMark announced it had agreed to the sale in April, and the company’s board of directors approved it unanimously. Based on an equity valuation of $2.7 billion, stockholders received $35.25 per share in cash.
