California based AssetMark Financial Holdings has acquired financial planning and client engagement software firm Voyant, in a deal worth $145m (£104m).
In a statement to shareholders, AssetMark, an asset management platform for financial advisers, said yesterday (March 1) that it expects Voyant to help accelerate its growth prospects, although the business will remain a standalone subsidiary.
The transaction is expected to be completed in mid-2021.
Voyant, a privately held company headquartered in Austin, Texas, encompasses Voyant UK, which provides financial planning software to advisers in the UK.
Worldwide more than 2,000 financial firms use Voyant’s products, including Lloyds Bank, Aon Hewitt, AXA and St. James's Place Wealth Management.
David Kaufman, CEO of Voyant, said: "Voyant was founded in 2006 to deepen the relationship between financial adviser and client. Our highly adaptable, visual planning capabilities allow financial advisers to add real value and help clients achieve their long-term goals.
"We believe in AssetMark's financial wellness vision and look forward to partnering with them to provide a broad set of value-added solutions for their clients."
Key components of Voyant will be integrated into the AssetMark platform, the buying firm stated, supplementing its goal planning, income planning, data aggregation services, as well as portfolio construction, analytics, and reporting tools.
Voyant will still operate as a separate subsidiary, targeting enterprises and advisers in order to increase market share, particularly in the US.
Natalie Wolfsen, incoming CEO of AssetMark, said: "AssetMark and Voyant have a shared vision for financial wellness. The acquisition of Voyant rapidly accelerates this vision, while providing enhanced benefits for our advisers and their clients.
"Voyant's fit into the AssetMark platform aids in creating stronger client-adviser relationships. This leads to more invested assets and greater loyalty on our platform, while also helping us attract new advisors in core and adjacent channels."
Tom Higgins is a freelance reporter for FTAdviser