AssetMark Financial Holdings to acquire Adhesion Wealth

AssetMark Financial Holdings Inc. has agreed to acquire Adhesion Wealth Advisor Solutions Inc., a provider of wealth management technology solutions, from Vestmark Inc.

After merger closing, Adhesion will continue to offer an open marketplace of modular solutions, which will complement AssetMark's offerings for registered investment advisers, according to a news release. Both Adhesion and AssetMark will continue to use Vestmark technology to support their platforms.

The transaction, the terms of which were not disclosed, is expected to close in the second half of 2022.

ECHELON Partners is serving as adviser to Adhesion and Vestmark, while Broadhaven Capital Partners LLC is serving as adviser to AssetMark.