11:23 AM EDT, 06/20/2024 (MT Newswires) -- AssetMark Financial Holdings' ( AMK ) wealth-management platform said Thursday it will acquire $12 billion in assets from Morningstar's ( MORN ) Wealth Turnkey Asset Management Platform as part of a strategic alliance between the companies.

Current TAMP users will have access to AssetMark's platform, while AssetMark's financial advisers will have access to model portfolios and separately managed accounts under the Morningstar Investment Management group, according to a statement.

Morningstar Wealth will also join AssetMark's platform as a third-party strategist, AssetMark said

The boards of both companies approved the transaction, which is expected to close in H2, AssetMark said.

Shares of AssetMark rose 0.1% in recent trading Thursday, and Morningstar ( MORN ) climbed 1.6%.

Price: 34.32, Change: +0.03, Percent Change: +0.09