Title
Business Location and Expansion - AssetMark Financial Holdings Inc
Action
ACTION:
1) Open public hearing to receive comments on a proposed Business Investment Program grant to AssetMark Financial Holdings Inc.
2) Close public hearing
3) Adopt a resolution to approve a 5-year, 50% Business Investment Program grant to AssetMark Financial Holdings Inc. for a not-to-exceed amount of $85,750 and to authorize the County Manager to negotiate and execute the contract.
Staff Contact: Clay Andrews, Senior Program Manager, Office of Economic Development
Presentation: Yes
BACKGROUND/JUSTIFICATION:
AssetMark Financial Holdings, Inc. is a leading asset management and technology platform solutions provider for financial advisors headquartered in Concord, CA. They serve more than 10,000 financial advisors and their financial products are in more than 317,477 investor households across the U.S.
The company is owned by GTCR, a private equity firm based in Chicago, IL., and employs more than 1,000 employees in Concord, CA; Phoenix, AZ; Chicago, IL; Austin, TX; Atlanta, GA; Encino, CA, and Charlotte.
This project aims to establish an East Coast “hub” for the company to give the company access to more talent in a lower-cost operating environment and to give it time zone advantages for offering live support in different time zones.
AssetMark Financial Holdings Inc.'s proposed project meets all the following grant guidelines for a 5-year Business Investment Grant, specifically:
· A taxable investment of $10,000,000 to be completed during the grant term.
· Creation of 252 new jobs and retention of 40 existing employees at an average wage of $110,518 (which is equal to or greater than 100% of the average SOC codes for each job position for the Charlotte-Gastonia-Rock Hill M.S.A.).
· There is competition for this project from Atlanta, GA.
The general terms and conditions of this grant include:
· A portion of the grant must be repaid if the ...
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