Wealth management and technology solutions provider AssetMark Financial has agreed to acquire OBS Financial from Canandaigua National in an all-cash transaction.
OBS Financial is an asset management platform that provides academically constructed, structured investment strategies to independent advisors, bank trust officers, and their clients.
The company provides sub advisory capabilities for bank trust departments using portfolios in its frontier series.
The acquisition will help AssetMark extend its independent advisors base and presence in the bank trust market.
Upon completion of the acquisition, AssetMark will integrate OBS into its systems and infrastructure.
AssetMark said advisors and bank trust officers can access its technology platform that combines streamlined processes with better planning as well as analytics tools. It will help them in scaling and sharing insights with clients.
The deal also integrates personalised service and investment management that include high‐net-worth solutions.
AssetMark president and CEO Charles Goldman said: “This transaction helps us share the value of the AssetMark platform with advisors and bank trust officers so they can build a better future for their clients, while also building a more successful business for themselves.”
Both companies did not disclose the financial terms of the transaction, which is expected to close in early 2020.
Echelon Partners served as the exclusive financial advisor to OBS and Canandaigua.
OBS president and CEO John Henry said: “This transaction will allow us to give our clients broad access to AssetMark’s compelling and curated platform while providing continuity and support of the OBS investment portfolios, accelerating our ability to deliver the comprehensive capabilities to advisors and bank trust officers who require and deserve these enhanced capabilities.”
AssetMark, which supports financial advisors in their life’s work, has $56.1bn in platform assets as of 30 June 2019.