The turnkey asset management platform AssetMark Financial Holdings has acquired a registered investment adviser with more than $2 billion in client assets under advisement.
AssetMark will acquire OBS Financial Services and take on the firm's relationships with more than 300 financial advisers and 21 banks that serve 6,500 investors, according to a press release. OBS is based in Perrysburg, Ohio, and was formerly a unit of Canandaigua National Corp.
Terms of the deal were not disclosed.
Concord, Calif.-based AssetMark went public in July and managed approximately $56 billion in client assets at the time of the offering. TAMPs made up a $7.4 trillion market at the end of 2018, but a confluence of several industry trends is boosting demand for outsourcing across the wealth management industry.
Echelon Partners assisted OBS and Canandaigua in the transaction.
Inflation delays treatment while insured patients still fight for medication access
Public support grows for policies that spread AI’s financial gains beyond tech companies.
Investment banking fees rose 30% on a wave of IPOs and megadeals, led by the largest public listing on record.
Series A funding from Portage, Bain Capital, and other investors will fuel data tools designed to speed advisor transitions and cut onboarding delays across wealth firms.
The Minneapolis-based RIA aggregator is adding two North Carolina practices managing nearly $1 billion, pushing its total client assets past $158.2 billion.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
