Morningstar to sell $12B TAMP to AssetMark, expects positive run-rate adjusted operating income impact

Morningstar, Inc.

AssetMark to acquire ~$12B in assets from Morningstar Wealth's U.S. TAMP; upfront payment at close plus contingent payments.
Morningstar Wealth advisors get access to AssetMark's platform; AssetMark advisors gain Morningstar models ($290B AUMA).
Morningstar to sunset U.S. TAMP after close (H2 2024); focus on international wealth platform and third-party distribution.
Expects reduced revenue post-close but positive run-rate impact on adjusted operating income after 12-month transition.
Transaction approved by both boards; expected to close H2 2024 subject to regulatory approvals and customary conditions.

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