CONCORD, Calif., Sept. 17, 2019 (GLOBE NEWSWIRE) -- In a release issued under the same headline yesterday by AssetMark, Inc. (NYSE: AMK), please note that in the third bullet point, the year-over-year client cash increase should be 30.6%, not 34.5% as previously stated; corresponding client cash figures in the table have been updated as well. The corrected release follows.
AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today. Company highlights for the month of August 2019 include:
- Platform assets of $57.1 billion at the end of August, up 20.1% year-over-year.
- Net flows were $507 million in the month of August, down 5.3% year-over-year.
- AssetMark Trust Company client cash increased 30.6% year-over-year.
- Number of households increased 23.3% year-over-year to 158,200 at the end of August.
| Change | ||||||||||||||||||||
| Mo. | Yr. | |||||||||||||||||||
| Aug-18 | Sep-18 | Oct-18 | Nov-18 | Dec-18 | Jan-19 | Feb-19 | Mar-19 | Apr-19 | May-19 | Jun-19 | Jul-19 | Aug-19 | ||||||||
| PLATFORM METRICS | ||||||||||||||||||||
| Platform Assets (in $B) | 47.5 | 47.9 | 45.7 | 46.6 | 44.9 | 47.4 | 48.6 | 49.7 | 54.9 | 53.6 | 56.1 | 56.7 | 57.1 | 0.7 | % | 20.1 | % | |||
| Net Flows (in $M) | 535 | 412 | 430 | 348 | 333 | 490 | 401 | 518 | 513 | 546 | 454 | 538 | 507 | -5.7 | % | -5.3 | % | |||
| CASH METRIC | ||||||||||||||||||||
| Ending ATC Client Cash (in $B) | 1.21 | 1.18 | 1.18 | 1.31 | 1.61 | 1.36 | 1.40 | 1.41 | 1.40 | 1.40 | 1.49 | 1.45 | 1.58 | 9.0 | % | 30.6 | % | |||
| OTHER | ||||||||||||||||||||
| Number of Households | 128,360 | 129,707 | 131,353 | 132,653 | 133,947 | 135,555 | 136,116 | 137,749 | 154,081 | 154,576 | 155,372 | 156,905 | 158,273 | 0.9 | % | 23.3 | % | |||
Note: ATC client cash numbers for August to December 2018 provided in the August AMK Report dated September 16, 2019 were monthly averages. This press release provides such figures at period end, consistent with ATC client cash for January to August 2019, and provides a similarly updated year-over-year figure.
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 August 28, 2019 as part of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 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 September 30, 2019 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 Statements
This 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 advisers and their clients. Through AssetMark, Inc., its investment adviser subsidiary registered with the 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 advisers and their clients.
SOURCE: AssetMark, Inc.
Contacts
Investors:
Taylor J. Hamilton, CFA
Head of Investor Relations
ir@assetmark.com
Media:
Lexy Siegel
Group Gordon
lsiegel@groupgordon.com