AssetMark Financial Holdings Buys OBS Financial
AssetMark Financial Holdings announced an agreement with Canandaigua National Corporation to buy OBS Financial.
OBS is a turnkey asset management platform. It offers academically constructed, structured investment strategies to independent advisors, bank officers, and their clients. The deal allows AssetMark to expand its range of services to financial advisors, broker-dealers, and banks, according to a press release.
Meanwhile, Charles Goldman., President and CEO of AssetMark offered his thoughts on the deal.
Goldman said the deal would allow clients to achieve better results for their clients in the future. He also said that the agreement would enable the firm to expand its base of independent advisors. Further, the company will bolster its presence in the Trust market.
About OBS Financial and the AssetMark Financial Deal
OBS launched in 2000 as an online broker. Over time, it evolved into offering investment management programs for broker-dealers and trust departments. The company incorporates academic investing research in its research for advisors and trust officials to better structure portfolios. The firm also maintains a strong relationship with Dimensional Fund Advisors and uses the firm’s funds in building model portfolios.
“This transaction will allow us to give our clients broad access to AssetMark’s compelling and curated platform while providing continuity and support of the OBS investment portfolios, accelerating our ability to deliver the comprehensive capabilities to advisors and bank Trust officers who require and deserve these enhanced capabilities,” said John Henry, President and CEO of OBS. “The OBS team is looking forward to working closely with AssetMark to integrate our platforms and provide a market‐leading foundation that is proven to help advisors and Trust officers grow and prosper.”
The transaction should close by early 2020.
For more deal news, go here.
Latest Alternative Investment News
The Gold Standard, which Nixon junked in 1971, might come back in a new avatar: Bitcoin According to Hans Hauge, a crypto asset investment analyst at Ikigai Fund, bitcoin and…
Toronto-based BlueDot, which uses big data and AI, red-flagged the coronavirus outbreak in December. BlueDot’s AI-driven health monitoring platform analyzes billions of data points. Its process works something like this:…
AI-enabled Monitors Detect Secret Energy Guzzlers In Your Home. A study of Wisconsin households by Alliant Energy finds that most homes could save as much as $300 annually by unplugging…
DailyAlts Playbook: Bernie Sanders Blowback, ESG Battery Woes, Impeachment Implications, the ECB, and New York State Tax Revenge – January 28, 2020
U.S. equity markets are pushing higher Tuesday after their worst day since October. Health experts are calling for calm and insist that coronavirus has been contained for the moment. Chinese…