AssetMark, the turnkey asset administration platform and know-how supplier that went non-public final 12 months, has employed Alex Pape as its new chief know-how and product officer. Pape joins from BlackRock, the place he served as world head of product for its Aladdin wealthtech enterprise.
Within the new position, Pape can be accountable for the event of AssetMark’s know-how.
Muk Mehta, who joined AssetMark in 2017 as chief data 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 Avenue Financial institution, joined the agency when non-public fairness firm GTCR closed on its acquisition of AssetMark in September.
“This can be a strategically essential transfer as we proceed to strengthen our management group to assist AssetMark’s progress and innovation technique,” Maiuri mentioned in a press release. “To realize our strategic targets, we’re additional strengthening our already robust IT management group. Alex’s expertise and imaginative and prescient can be invaluable as we proceed to scale and innovate, making certain that our know-how 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.
In recent times, the agency has added monetary planning by way of its acquisition of Voyant, and prospecting and advertising, amongst different applied sciences, to construct an end-to-end platform resolution for advisory companies.
Late final 12 months, the firm closed on its acquisition of Morningstar Wealth’s TAMP belongings, bringing roughly $12 billion of belongings to the AssetMark platform.
In September, GTCR accomplished its acquisition of AssetMark Monetary Holdings, the mother or father firm of AssetMark. With the acquisition, AssetMark was delisted from the general public markets and now operates as an impartial, privately owned firm.
AssetMark introduced it had agreed to the sale in April, and the corporate’s board of administrators authorized it unanimously. Based mostly on an fairness valuation of $2.7 billion, stockholders acquired $35.25 per share in money.
