AssetMark to add $5.7 billion in AUM with acquisition

AssetMark Inc., a Concord, Calif.-based turnkey asset management program for advisers, has agreed to acquire Global Financial Private Capital, a Sarasota, Fla.-based firm that has $5.7 billion in combined assets under managment on its platforms.

According to a statement announcing the deal, Global Financial Private Capital provides advisers with strategic investment solutions, practice management guidance, business consulting services and state-of-the-art technology.

Terms of the acquisition were not disclosed. The transaction is expected to close by the end of the year.

AssetMark, which currently has about $46 billion of assets on its platforms, was purchased in 2016 by Huatai Securities Co., a Nanjing, China-based securities firm.