US-based wealth management technology solutions provider AssetMark has completed its acquisition of Morningstar Wealth’s Turnkey Asset Management Platform (TAMP) assets.
Morningstar Wealth is a unit of independent investing insights firm Morningstar.
In June this year, AssetMark announced its plans to acquire Morningstar Wealth’s assets.
The acquisition brings assets worth around $12bn to AssetMark’s platform.
It will strengthen the strategic collaboration between AssetMark and Morningstar Wealth, broadening AssetMark’s investment solutions for financial advisors and their clients.
AssetMark president and CEO Michael Kim said: “The alliance between Morningstar Wealth and our acquisition of their TAMP assets marks a significant milestone for our company, our advisors, and their clients.
“These advisors will gain access to our expansive suite of renowned investment solutions, tailored high-net-worth services, cutting-edge technology, and exceptional service, empowering them to scale and grow their businesses more efficiently.
“Additionally, this alliance will provide our existing advisors with access to an enhanced range of model portfolios and separately managed accounts (SMAs) from the Morningstar Investment Management team.”
The collaboration between AssetMark and Morningstar represents a combination of two financial services companies to enhance outcomes for financial advisors.
Under the collaboration, Morningstar Wealth will continue to serve as a third-party strategist on AssetMark’s platform, enhancing its current investment services.
AssetMark said the acquisition will further strengthen its position and support its commitment to innovation, scale, and service excellence.
Also, it aims to deepen its collaboration with Morningstar Wealth to expand opportunities for advisors and deliver enhanced outcomes for investors, said AssetMark.
Morningstar Wealth president Daniel Needham said: “We are proud to advance our strategic alliance with AssetMark. This milestone paves the way for a smooth transition of accounts and gives advisors access to an enhanced platform experience.
“Since launching on AssetMark, our strategies have been well received by advisors, demonstrating how each firm’s distinct strengths and capabilities are coming together to empower advisor success.”
