AssetMark CEO Charles Goldman grabs $5.7B Global Financial out from under rival Envestnet's nose, gets ex-Curian CEO and solidifies his firm's own future in the brutal TAMP game; but don't call it a roll-up
At number two in TAMP ranks, the Concord, Calif.-based TAMP with $46 billion bought Global Financial, whose CEO headed Curian in its growth years and got out well before its death
Steve P
Related Moves
SMArtX is loading up on Envestnet talent as re-peopling rolls on -- post Morningstar disruption -- with two hires from the Berwyn, Pa., TAMP
The West Palm Beach, Fla., TAMP is getting Courtney Robertiello and Jacqueline Burke, and their staggering 29 years of experience for 'growth and innovation,' the company says.
July 4, 2024 at 2:09 AM
Morningstar's sale of TAMP's $12-billion book-of-business to AssetMark ends two-year run that fell short on growth; whether RIAs stick or flee will determine fate of deal
Morningstar nets a cash windfall, a better distribution deal, and it reduces conflicts with its clients, but SMArtX is the likely loser, which will no longer administer Morningstar's TAMP assets.
