AssetMark taps industry veteran Lou Maiuri in new growth chapter

AssetMark taps industry veteran Lou Maiuri in new growth chapter
After the completion of its $2.7B take-private deal with GTCR, the fintech firm is looking forward to a new era of strategic expansion helmed by the former State Street leader.
SEP 05, 2024

After nearly a decade spent building and cementing its reputation of fintech leadership, AssetMark is officially entering a new era of growth.

On Thursday, Assetmark Financial Holdings, Inc. announced it has completed its acquisition by private equity firm GTCR, marking a significant shift for the wealth management platform.

The deal, which was first revealed in April and valued at approximately $2.7 billion, transitions AssetMark into an independent, privately owned company, concluding a long-standing partnership with Huatai Securities. 

The acquisition is expected to accelerate AssetMark's growth and further its leadership within the wealth management sector.

"The wealth management industry is evolving, and the technology solutions and services that AssetMark provides will play a critical role in shaping outcomes for clients, their businesses, and ultimately, the investors they serve," Lou Maiuri, newly appointed chairman and group CEO of AssetMark Financial Holdings, said in a statement.

Maiuri, with over three decades of experience, joins AssetMark from State Street Bank, where he served as president, chief operating officer, and head of investment servicing. He announced his retirement from State Street in October last year, which led to a significant shakeup in the firm's leadershipp structure.

Maiuri's extensive career also includes leadership roles at Bank of New York Mellon and Eagle Investment Systems, which he helped start up in 1996 and built up until its acquisition by BNY.

His appointment is part of AssetMark’s strategy to enhance its technology and expand service offerings. "I look forward to working closely with GTCR, Michael, and the entire AssetMark team to strategically grow the business and unlock the company’s future potential," Maiuri added.

Michael Kim will continue in his role as president and CEO of AssetMark, alongside Maiuri. Reflecting on the transition, Kim stated, “Today marks the start of an exciting new chapter for AssetMark. We’ve been very successful over the past eight years under Huatai’s leadership and look forward to partnering with GTCR to accelerate our growth."

GTCR’s co-CEO, Collin Roche, expressed confidence in the partnership, stating, “AssetMark's unique combination of high-quality service and innovative technology has solidified its position as a leader in the wealth management industry."

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