We are advising AssetMark on the strategic alliance and acquisition of assets from Morningstar’s TAMP business 

Davis Polk is advising AssetMark Financial Holdings, Inc. (AssetMark) on its strategic alliance with Morningstar Wealth, a division of Morningstar, Inc. As part of the alliance, AssetMark, Inc., a subsidiary of AssetMark, will acquire approximately $12 billion in assets from the Morningstar Wealth turnkey asset management platform (TAMP). The transaction is expected to close in the second half of 2024, subject to regulatory approval, necessary consents and other customary closing conditions.

AssetMark operates a wealth management platform whose mission is to help financial advisors and their clients. Founded in 1996 and headquartered in Concord, California, AssetMark serves more than 9,200 financial advisers and over 257,000 investor households. As of March 31, 2024, the company had $116.9 billion in platform assets.

Morningstar provides data and research insights on a wide range of investment offerings and offers investment management services through its investment advisory subsidiaries, including Morningstar Wealth. Based in Chicago, Illinois, Morningstar had approximately $294 billion in assets under management and advisement as of March 31, 2024. 

The Davis Polk corporate team includes partners Alan F. Denenberg and Michael Gilson and associates Rong (Fiona) Huang and Dove Barbanel. Partner Pritesh P. Shah and associate Jordan Khorshad are providing intellectual property advice. Counsel Matthew R. Silver is providing investment management advice. Counsel Charles Shi is providing executive compensation advice. Partner Zachary J. Zweihorn is providing financial institutions advice. Members of the Davis Polk team are based in the Northern California, New York and Washington DC offices.

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