AssetMark Financial Holdings Buys OBS Financial

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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.

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