Richmond, Va. - Genworth Financial Inc. completed its acquisition of AssetMark Investment Services Inc. AssetMark is a Pleasant Hill, Calif.-based provider of open architecture asset management solutions to independent financial advisors, with approximately $9 billion in assets under management.Under terms of the agreement, Richmond, Va.-based Genworth paid $230 million for AssetMark and will make additional performance-based payments of up to $100 million over the next five years.
"The acquisition brings together two organizations that have been committed to serving financial intermediaries with innovative, high-quality products and services," says Pam Schutz, president and CEO of Genworth's Retirement Income and Investments business. "We believe this combination creates an organization that can leverage its experience and strengths and be the leader in offering investment and retirement income solutions that address the increasingly complex needs of financial advisors and their clients."
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