AssetMark is to acquire Aris Corporation, an investment advisory firm providing fee-based asset management and retirement solutions to independent financial advisors.
Aris offers advisors a range of asset management services that include private wealth management, retirement solutions and purpose-based portfolio strategies. Once the purchase closes, Aris will continue to focus its efforts on developing, managing, and enhancing existing and new products that are designed to serve key client objectives.
"Our decision to purchase Aris is an example of our commitment to offering advisors more comprehensive services in areas where their clients have expressed a high level of interest," says Charles Goldman, president and CEO of AssetMark. "Acquisitions like this one are an important part of our strategy to continuously enhance our platform."
Aris will operate as a division of AssetMark.
"The addition of Aris will provide our advisors an expanded set of attractive asset management capabilities and will allow them to refine the solutions they deliver to meet key needs of clients with specific portfolio preferences and objectives," says Jerry Chafkin, chief investment officer at AssetMark. "The unique asset management, retirement and purpose-based solutions offered by Aris complement our existing line-up and are attractive to advisors looking to expand their offering to clients."
Aris has USD1.7 billion in assets under management, serves approximately 600 advisors and has 49 employees. After the closing, which is targeted for 31 December 2014, AssetMark will have approximately USD25 billion in total assets on the platform.
"We are excited to introduce our capabilities to a broader group of financial advisors through AssetMark," says John Battaglia, Jr, Aris president and CEO. "Advisors working with us will have the same level of service they've come to expect and will work with the investment and relationship team members they already know, while enjoying the benefits of AssetMark's exceptional platform and capabilities."