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May AMK Report

CONCORD, Calif., June 09, 2020 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (AMK) released its “AssetMark Monthly Knowledge” Report today. This month’s report is being issued earlier than normal to accommodate the company’s participation in an investor conference.

Company highlights for the month of May 2020 include:

  • Platform assets of $62.0 billion at the end of May, up 15.7% year-over-year.
  • Net flows were $137 million in the month of May, down 74.9% year-over-year.  
    •  This month, AssetMark is providing additional data to help provide context during these uncertain times, while not creating a new obligation for future disclosure.
    •  Asset retention is in line with expectations. YTD annualized redemption rate is 12.8%.1
    •   Gross flows for May were approximately 80% of the prior month.
  • AssetMark Trust Company client cash increased 102.9% year-over-year.
  • Number of households increased 15.3% year-over-year to 178,284 at the end of May.
                               
                            Change
                            Mo. Yr.
  May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20    
PLATFORM METRICS                              
Platform Assets (in $B) 53.6 56.1 56.7 57.1 57.9 59.2 60.6 61.6   61.8 61.7 56.0 59.8 62.0 3.7 % 15.7 %
Net Flows (in $M) 546 454 538 507 312 755 547 (194 ) 472 703 659 414 137 -66.9 % -74.9 %
CASH METRIC                              
Ending ATC Client Cash (in $B) 1.40 1.49 1.45 1.58 1.75 1.78 1.74 1.88   1.75 1.81 2.99 3.04 2.84 -6.6 % 102.9 %
OTHER                              
Number of Households 154,576 155,372 156,905 158,273 159,496 161,262 162,503 162,225   163,644 175,026 176,681 177,975 178,284 0.2 % 15.3 %
                               
                               

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 May 13, 2020 as part of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. 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 June 30, 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. This month, AssetMark is providing additional data to help provide context during these uncertain times, while not creating a new obligation for future disclosure. 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.

1 Redemption rate is calculated as dollars redeemed, YTD, divided by the average billable assets, annualized.

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, Inc.

Contacts
Investors:
Taylor J. Hamilton, CFA
Head of Investor Relations
InvestorRelations@assetmark.com

Media:
Lexy Siegel
Group Gordon 
lsiegel@groupgordon.com