CONCORD, Calif., April 13, 2020 (GLOBE NEWSWIRE) — AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today.
Company highlights for the month of March 2020 include:Platform assets of $56.0 billion at the end of March, up 12.7% year-over-year.Net flows were $659 million in the month of March, up 27.2% year-over-year. AssetMark Trust Company client cash increased 112.1% year-over-year.
— Average client cash for the first quarter was $2.0 billion, on which AssetMark received a blended annualized yield of 1.36%. Given recent rate actions by the Fed, we expect this yield to decline materially in the second quarter.Number of households increased 28.3% year-over-year to 176,681 at the end of March.This monthly data is being provided on a supplemental basis and should not be taken as a substitute for the Company’s financial statements filed with the Securities and Exchange Commission on March 13, 2020 as part of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. This monthly data is preliminary and subject to revision and should not be taken as an indication of the financial performance of AssetMark for the quarter ended March 31, 2020 or any future period. AssetMark undertakes no obligation to publicly update or review previously reported monthly data. Any updates to previously reported monthly data will be reflected in the historical data that can be found on the Investor Relations page of the Company’s corporate website at ir.assetmark.com. AssetMark reserves the right to discontinue the availability of the data in this monthly report. By filing this press release, AssetMark makes no admission as to the materiality of any information contained herein.Forward-Looking StatementsThis press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings we make with the Securities and Exchange Commission. AssetMark undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.About AssetMark Financial Holdings, Inc.AssetMark is a leading provider of extensive wealth management and technology solutions that power independent financial advisors and their clients. Through AssetMark, Inc., its investment adviser subsidiary registered with the U.S. Securities and Exchange Commission, AssetMark operates a platform that comprises fully integrated technology, personalized and scalable service, and curated investment platform solutions designed to make a difference in the lives of advisors and their clients.SOURCE: AssetMark Financial Holdings, Inc.Contacts
Investors:
Taylor J. Hamilton, CFA
Head of Investor Relations
InvestorRelations@assetmark.comMedia:
Lexy Siegel
Group Gordon
lsiegel@groupgordon.com
Bay Street News