Huatai Securities has agreed to purchase AssetMark with the transaction expected to close before the end of 2016.
Huatai provides services including brokerage and wealth management, investment banking, asset management and investment and trading to retail investors, institutional investors and corporate clients.
The company said that purchase will provide it with investment-advisory services in the US, and investment and portfolio-management capabilities.
AssetMark Aquiline and Genstar purchased AssetMark in summer 2013 from Genworth Financial.
AssetMark president and CEO Charles Goldman said, “We particularly want to thank Aquiline and Genstar for being tremendous partners over the last few years in providing us with the opportunity to build a platform that has helped so many advisors.
“We are excited to work with Huatai through this transition and beyond as we share a common belief in delivering outstanding service and innovative solutions to advisors and the investors they serve.”
Copyright © 2016 AltAssets