Genworth Wealth Management is history. The large turnkey asset manager, with $20 billion in assets under management, on Wednesday announced a long-anticipated name change.
The renaming—to AssetMark—is among the last pieces to move into place as the firm seeks to solidify its own identity following its spinoff from former parent Genworth Financial on Aug. 30. Private equity firms Aquiline Capital Partners and Genstar Capital together paid $412.5 million for the firm.
“The idea [behind the name] is everyone has their own mark that they are trying to achieve, or leaving a legacy,” says the firm’s chief executive, Gurinder Ahluwalia. “The purpose of the name is to get an identity to say who you are today and where you are going. We got the name we wanted.”
A key reason for the rebranding was to eliminate confusion in the marketplace between the spinoff TAMP and its similarly named former parent.
The rebrand comes with a new tagline, according to the announcement: “Wealth. Independence. Purpose.”
“They really are words that resonate,” Ahluwalia says. “Independence can be as simple as, How do I not rely on my children for retirement?’ to meaning, I have the freedom to provide for my children for college’—all the way to, Have you bought your yacht yet?’ It’s cool for us to celebrate. It can be an inspiring word.”
New Division Names
The firm also has renamed its Genworth Financial Asset Management division as Savos Investments. And the firm's trust company, Genworth Trust Company, is now AssetMark Trust.
Among its services, AssetMark provides extensive consulting services to its advisor clients.
The rebrand comes on the heels of the firm’s appointment of three new members to its six-member board last month.
Rounding out all this change, the firm moved its headquarters to new office space in Concord, Calif., on Oct. 22.
“What’s really cool about it is there is a lot of glass in the environment, a lot of clarity,” Ahluwalia said. “We are really excited about our space.”
This article originally appeared on Financial Planning.
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