AssetMark Reports Record $61.6B Platform Assets for Fourth Quarter and Full Year 2019
AssetMark Financial Holdings, Inc. (AMK)
Company Research
Source: GlobeNewswire
CONCORD, Calif., Feb. 26, 2020 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) today announced financial results for the quarter and full year ended December 31, 2019. Fourth Quarter 2019 Financial and Operational Highlights Net loss for the quarter was $2.7 million, or $0.04 per share.Adjusted net income for the quarter was $19.7 million, or $0.27 per share, on total revenue of $111.0 million.Adjusted EBITDA for the quarter was $29.3 million, or 26.4% of total revenue.Platform assets increased 37.3% year-over-year and 6.4% quarter-over-quarter to $61.6 billion, aided by quarterly net flows of $1.1 billion and market impact net of fees of $2.6 billion.Net flows for the quarter were $1.7 billion when excluding GFPC’s advisor-managed business. $600 million of redemptions were from GFPC’s advisor-managed business, which yields nominal revenue to AssetMark.Annual net flows as a percentage of beginning-of-year platform assets were 12.0%.More than 2,700 new households
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