November AMK Report
AssetMark Financial Holdings, Inc. (NYSE: AMK) reported platform assets of $87.1 billion for November 2022, a 3.0% decline year-over-year.
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Rhea-AI Summary
AssetMark Financial Holdings, Inc. (NYSE: AMK) reported platform assets of $87.1 billion for November 2022, a 3.0% decline year-over-year. Net flows fell significantly to $280 million, a 71.8% decrease compared to the previous year. Notably, cash held by AssetMark Trust Company clients increased to $3.27 billion, up 24.8% year-over-year. The number of households served rose to 224,983, reflecting an 8.5% growth. AssetMark cautioned that these figures are preliminary and subject to change.
Positive
- Client cash increased 24.8% year-over-year to $3.27 billion.
- Number of households grew by 8.5% year-over-year to 224,983.
Negative
- Platform assets decreased by 3.0% year-over-year to $87.1 billion.
- Net flows dropped 71.8% year-over-year to $280 million.
Details
News Market Reaction – AMK
The recorded move for AMK in the trading session of this news was +0.49%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
CONCORD, Calif., Dec. 13, 2022 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today.
Company results for the month of November 2022 include:
- Platform assets of
$87.1 billion at the end of November, down3.0% year-over-year. - Net flows were
$280 million in the month of November, down71.8% year-over-year. - AssetMark Trust Company client cash was
$3.27 billion , up24.8% year-over-year. - Number of households increased
8.5% year-over-year to 224,983 at the end of November.
| Change | ||||||||||||||||||
| Mo. | Yr. | |||||||||||||||||
| Nov-21 | Dec-21 | Jan-22 | Feb-22 | Mar-22 | Apr-22 | May-22 | Jun-22 | Jul-22 | Aug-22 | Sep-22 | Oct-22 | Nov-22 | ||||||
| PLATFORM METRICS | ||||||||||||||||||
| Platform Assets (in $B) | 89.8 | 93.5 | 90.5 | 89.5 | 90.8 | 86.0 | 86.9 | 82.1 | 86.3 | 84.4 | 79.4 | 82.8 | 87.1 | 5.2 | % | -3.0 | % | |
| Net Flows (in $M) | 994 | 1,062 | 650 | 694 | 791 | 376 | 605 | 383 | 374 | 605 | 228 | 283 | 280 | -1.1 | % | -71.8 | % | |
| CASH METRIC | ||||||||||||||||||
| Ending ATC Client Cash (in $B) | 2.62 | 2.93 | 2.85 | 2.86 | 3.09 | 2.92 | 3.60 | 3.70 | 3.60 | 4.48 | 3.51 | 3.49 | 3.27 | -6.3 | % | 24.8 | % | |
| OTHER | ||||||||||||||||||
| Number of Households | 207,432 | 209,900 | 211,601 | 213,445 | 215,668 | 218,508 | 219,160 | 220,172 | 221,104 | 222,110 | 223,098 | 225,103 | 224,983 | -0.1 | % | 8.5 | % | |
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 as part of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022. 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 ending December 31, 2022, 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.
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.
Contacts
Investors:
Taylor J. Hamilton, CFA
Head of Investor Relations
InvestorRelations@assetmark.com
Media:
Alaina Kleinman
Head of PR & Communications
alaina.kleinman@assetmark.com
SOURCE: AssetMark Financial Holdings, Inc.
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