AssetMark's chairman, Charles Goldman, has switched roles to become chief executive of the turnkey asset management platform, which manages $21.3 billion in assets for about 6,000 independent advisors.
 
He replaces Gurinder Ahluwalia in the CEO role effective immediately, AssetMark said today.
 
Goldman, who formerly ran the RIA custody units for Schwab and Fidelity, was part of the deal team involved in the purchase last year of AssetMark’s predecessor firm, Genworth Financial Wealth Management, by private equity firms Aquiline Capital Partners and Genstar Capital.
 
The investment firms bought the platform for $412.5 million from Genworth Financial Inc. After the sale was completed in August, AssetMark’s board was revamped, adding representatives from the private equity firms and Goldman as chairman. Goldman is relinquishing the chairman post, which will remain open for the time being.
 
“As the year closed, we looked at 2014 and just decided it was time for a change as sometimes happens at organizations,” Goldman said. “We’re new investors in the company and feel the business has strong growth prospects, and [wanted to] bring a fresh perspective and a sense of urgency to the things that have to happen” in order to grow.
 
Ahluwalia, who has run Concord, Calif.-based AssetMark since 2004, is making a clean break from the firm, but helping with the transition over the next month, Goldman said.
 
Ahluwalia did not return a call seeking comment.
 
Goldman is relocating to the San Francisco area from Boulder, Colo.
 
AssetMark has about 400 employees. Goldman plans to have nearly 500 workers by year end with the addition of more sales, service and investment professionals.
 
“Much of the TAMP market is platform-oriented” rather than people oriented, he said. “We think it’s a high-touch business [and] not just a ‘log on and figure it out’ proposition.”
 
In 2010, the TAMP bought alternatives provider Altegris Investments.
 
Goldman also serves on the Certified Financial Planner Board of Standards and the board of Personal Capital Corporation.