Founded in 1996, Asset Mark offers investment and consulting services, such as access to asset management and investment strategist products.
One of its software tools, Investing Evolved, helps create and visualize portfolios for advisers' clients. Its eWealthManager product is an adviser portal for client and account management.
Asset Mark’s revenue reached $157.8m last year, up 12% from a year earlier. Its current owners are private equity firms Genstar Capital and Aquiline Capital Partners, which acquired AssetMark in 2013 from Genworth Financial.
Huatai said the takeover is to expand its current investment management service capabilities and also to build wealth management technology solutions.
“The acquisition will create opportunities to share best practices between the company and Asset Mark, increase investment and expand existing capabilities to build enhanced technology platform solutions for the clients of the company,” Huatai said in a Hong Kong Stock Exchange filing.
Listed in both Hong Kong and Shanghai, Huatai has a market capitalisation of $18.5bn.