AssetMark CEO Natalie Wolfsen leaves for top job at Orion

investmentnews.com:

Natalie Wolfsen has stepped down as chief executive of AssetMark Financial Holdings to take over as the new CEO of Orion Advisor Solutions, a competing technology and turnkey asset management provider.

AssetMark announced Friday that Michael Kim, a 13-year veteran of AssetMark, has been named the company’s new CEO, effective immediately. Wolfsen will replace founder Eric Clarke as CEO of Orion, who announced his retirement in May, according to a separate statement released by Orion.

Orion did not specify Wolfsen’s start date but said Clarke will transition to a supporting leadership role until the end of 2023.

AssetMark said the move is part of an “established succession plan” from AssetMark’s Board of Directors. Kim most recently served as the company’s president and chief client officer, and the decision to name him CEO was a unanimous decision by the board, according to a statement.

However, the company has not previously announced the move, nor did it provide a statement from Wolfsen. On Aug. 28, a spokesperson for the company referred to Kim as “Chief Channel Officer.”

The company did not respond to a request for additional comment.

“Michael is an experienced, highly effective leader who brings a wealth of expertise and perspective to his new role,” Xiaoning Jiao, chairperson of the AssetMark board of directors, said in the statement. “During his tenure at AssetMark, he has demonstrated his ability to drive consistently strong results. His knowledge of AssetMark, understanding of the needs of our clients, and uniquely advisor-focused lens will undoubtedly benefit the company as it continues its growth and evolution.”

Wolfsen joined AssetMark in 2014 and was named CEO of AssetMark in 2021, succeeding Charles