Case Studies
AssetMark Investment Services, Inc. sale to Genworth Financial Inc.
Announced: June 2006
Closed: October 2006
The Challenge
AssetMark Investment Services, Inc. ("AssetMark"), a leading provider of open architecture asset management solutions to independent financial advisors, sought liquidity for private-equity shareholders at an attractive multiple and an opportunity for management to materially participate in the upside of the resulting entity. AssetMark sought to preserve a high degree of independence and management autonomy and to enhance the sophisticated "institutional" quality of its integrated investment products, practice management, and sales tools. To accomplish these goals, AssetMark retained Putnam Lovell as financial advisor.
The Solution
AssetMark was acquired by Genworth Financial Inc. ("Genworth"), a leading U.S. insurance holding company, through a reverse merger in which Genworth Financial Asset Management, Inc. ("GFAM") was integrated into AssetMark, with AssetMark emerging as the combined brand. The transaction strengthened GFAM's position in the managed, fee-based account business, enhancing its product offering, complementing its leading position in unified managed accounts.
Results
The transaction resulted in an organization with over $12 billion of assets under management in the fee-based managed money market. AssetMark retained its brand and operates as a wholly owned subsidiary of Genworth. AssetMark's top executives and founders retained their leadership positions, emerging as chairman, CEO and president, respectively, of the combined entity. The CEO of GFAM became vice chairman.
All transactions, case studies, presentations and other banking activities prior to Jefferies' July 2007 acquisition of Putnam Lovell were represented by Putnam Lovell Securities NBF, Inc.
Transactions