| August 2, 2021
Like the baseball teams acquiring star players to push for the World Series, AssetMark revealed plans last week to build on an impressive earnings quarter by continuing to be an active acquirer of financial advisor technology.
AssetMark, which provides outsourced investment services and technology to independent broker-dealers and registered investment advisors, reported a net inflow of $2.2 billion in the second quarter of 2021, a quarterly record for the firm. The turnkey asset management platform has a total of $84.6 billion in assets, a 33.9% increase year-over-year.
After closing its acquisition of financial planning software Voyant in July, the remaining cash on AssetMark’s balance sheet, the company’s ability to generate more cash and its low amount of debt leave the firm well-positioned to pursue future M&A, said CEO Natalie Wolfson on a call discussing quarterly earnings.
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