On August 11, 2018, AssetMark Financial Holdings, Inc., “a leading provider of extensive wealth management and technology solutions that power independent financial advisers and their clients,” entered into a unit purchase agreement to acquire Global Financial Private Capital, subject to “approval from the Committee of Foreign Investment in the United States.” (AssetMark Financial Holdings, Inc., Form S-1, Apr. 23, 2019, SEC Filing.) In a SEC filing in April 2019, AssetMark Financial Holdings stated that the closing conditions had not been met as of March 11, 2019. (AssetMark Financial Holdings, Inc., Form S-1, Apr. 23, 2019, SEC Filing.)  “On April 16, 2019, the Company closed the acquisition and paid a final purchase price of [$35.9 million] . . .”  (AssetMark Financial Holdings, Inc., Form S-1, May 31, 2019, SEC Filing.)  AssetMark Financial Holdings, Inc., disclosed that it closed on its “acquisition of Global Financial Private Capital following CFIUS clearance.”  (AssetMark Financial Holdings, Inc., Form S-1, July 8, 2019, SEC Filing.)    “In April 2016, Huatai Securities Co., Ltd. (“HTSC”), a Chinese securities group with brokerage and investment services, . . . became the ultimate parent company of [AssetMark] through its subsidiary Huatai International Investment Holdings Limited, a company organized under the laws of the Cayman Islands . . .”  (AssetMark Financial Holdings, Inc., Form S-1, July 8, 2019, SEC Filing.)  Currently, Huatai Securities indirectly holds 98.6% of the voting interest, however, following a planned public offering, it will indirectly hold up to 73.3%.  (See id.)

Status:  Clearance

Acquirer:  Huatai Securities Co., Ltd. (China); AssetMark Financial Holdings, Inc., (US)

Acquired:  Global Financial Private Capital, LLC (US)

Value:  US$35.9 Million

Industry:  Financial Services