AssetMark, the turnkey asset administration platform and expertise supplier that went private last year, has employed Alex Pape as its new chief expertise and product officer. Pape joins from BlackRock, the place he served as international head of product for its Aladdin wealthtech enterprise.
Within the new position, Pape will probably be chargeable for the event of AssetMark’s expertise.
Muk Mehta, who joined AssetMark in 2017 as chief info officer, will proceed in that position, overseeing the corporate’s infrastructure, safety and information technique.
Pape and Mehta each report back to Lou Maiuri, chairman and group CEO of AssetMark. Maiuri, a former president, chief working officer and head of funding servicing at State Road Financial institution, joined the agency when non-public fairness firm GTCR closed on its acquisition of AssetMark in September.
“This can be a strategically vital transfer as we proceed to strengthen our management staff to assist AssetMark’s development and innovation technique,” Maiuri stated in a press release. “To realize our strategic targets, we’re additional strengthening our already sturdy IT management staff. Alex’s expertise and imaginative and prescient will probably be invaluable as we proceed to scale and innovate, guaranteeing that our expertise and product choices stay best-in-class.”
AssetMark President and CEO Michael Kim continues in his position. Kim was promoted to that place in 2023 when Natalie Wolfsen left to run Orion.
The AssetMark platform helps customized portfolio creation, administration, superior analytics, efficiency reporting and asset custody providers.
Lately, the agency has added monetary planning by way of its acquisition of Voyant, and prospecting and marketing, amongst different applied sciences, to build an end-to-end platform solution for advisory firms.
Late final yr, the company closed on its acquisition of Morningstar Wealth’s TAMP property, bringing approximately $12 billion of assets to the AssetMark platform.
In September, GTCR accomplished its acquisition of AssetMark Monetary Holdings, the mum or dad firm of AssetMark. With the acquisition, AssetMark was delisted from the general public markets and now operates as an impartial, privately owned firm.
AssetMark announced it had agreed to the sale in April, and the corporate’s board of administrators accredited it unanimously. Primarily based on an fairness valuation of $2.7 billion, stockholders acquired $35.25 per share in money.
