AssetMark buys RIA advising on $2 billion in assets


The turnkey asset management platform AssetMark Financial Holdings has acquired a registered investment adviser with more than $2 billion in client assets under advisement.

AssetMark will acquire OBS Financial Services and take on the firm’s relationships with more than 300 financial advisers and 21 banks that serve 6,500 investors, according to a press release. OBS is based in Perrysburg, Ohio, and was formerly a unit of Canandaigua National Corp.

Terms of the deal were not disclosed.

Concord, Calif.-based AssetMark went public in July and managed approximately$56 billion in client assets at the time of the offering. TAMPs made up a $7.4 trillion market at the end of 2018, but a confluence of several industry trends is boosting demand for outsourcing across the wealth management industry.

Echelon Partners assisted OBS and Canandaigua in the transaction.

Written by Investors Wallets

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