AssetMark Acquires OBS Financial
September 30 2019 - 4:15PM
AssetMark Financial Holdings, Inc., announced today that it has
reached an agreement, through its subsidiary AssetMark Financial,
with Canandaigua National Corporation to acquire OBS Financial, an
established turnkey asset management platform delivering
academically constructed, structured investment strategies to
independent advisors, bank Trust officers and their clients, in an
all-cash transaction. The transaction is expected to close in early
2020, subject to customary closing conditions.
“AssetMark is dedicated to making a difference in the lives of
advisors and their clients. This transaction helps us share the
value of the AssetMark platform with advisors and bank Trust
officers so they can build a better future for their clients, while
also building a more successful business for themselves,” said
Charles Goldman, President and CEO of AssetMark.
“This acquisition will help us expand our base of independent
advisors and our presence in the bank Trust market. I am excited to
welcome OBS’ 300+ financial advisors and 21 banks that serve 6,500
investors to the AssetMark platform,” said Michael Kim, Chief
Client Officer of AssetMark.
“This transaction will allow us to give our clients broad access
to AssetMark’s compelling and curated platform while providing
continuity and support of the OBS investment portfolios,
accelerating our ability to deliver the comprehensive capabilities
to advisors and bank Trust officers who require and deserve these
enhanced capabilities,” said John Henry, President and CEO of OBS.
“The OBS team is looking forward to working closely with AssetMark
to integrate our platforms and provide a market‐leading foundation
that is proven to help advisors and Trust officers grow and
prosper.”
Following the close, OBS will be integrated, where appropriate,
into AssetMark’s systems and infrastructure. Advisors and bank
Trust officers will have access to AssetMark’s technology platform
that integrates streamlined processes with robust planning and
analytics tools to help them scale and share insights with clients.
It also combines personalized service and investment management
solutions that include well‐known and custom high‐net-worth
solutions.
With over 20 years of experience, AssetMark has a long history
of helping advisors succeed; and offers dedicated thought
leadership and practice management tools and resources to help them
realize untapped opportunities and equip them for success. Through
AssetMark’s Advisor Benefits Program, advisors receive one‐on‐one
business consulting support, specialized services, and invitations
to exclusive meetings and events. Plus, AssetMark’s service teams
are segmented to provide the highest levels of service and support
in the industry, including expert hands‐on guidance, operational
support and overall efficiency.
ECHELON Partners served as the exclusive financial advisor to
OBS and Canandaigua in this transaction.
About AssetMark Financial Holdings, Inc.
AssetMark Financial Holdings, Inc. (NYSE: AMK) is a leading
provider of extensive wealth management and technology solutions
that power independent financial advisers and their clients.
AssetMark, Inc., an investment adviser registered with the
Securities and Exchange Commission, operates a platform that
comprises fully integrated technology, personalized and scalable
service and curated investment solutions designed to make a
difference in the lives of advisers and their clients. AssetMark
has $56.1 billion in platform assets as of June 30, 2019 and a
history of innovation spanning more than 20 years.
About OBS Financial
OBS is an SEC registered investment advisor with the Securities
and Exchange Commission. They provide investment and operations
outsourcing services to financial institutions and advisors around
the country. Their clients include bank Trust departments, retail
broker-dealer advisors, independent financial advisors, and
retirement plan professionals. OBS offers an array of fee-based
portfolios and platforms intended to help advisors, Trust offices
and their clients.
About Canandaigua National Corporation
Canandaigua National Corporation and its subsidiaries provide a
full range of financial services, including commercial and personal
banking, mortgage, trust, estate, investment, and insurance
services to individuals, businesses, corporations, and
municipalities.
Contacts
Investors:Taylor J. Hamilton, CFAHead of Investor
Relationsir@assetmark.com
Media: Lexy SiegelGroup Gordon lsiegel@groupgordon.com
SOURCE: AssetMark, Inc.
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