Charles Goldman’s turnaround of Genworth cast-off leads Chinese investor to pay stunning price

It wasn’t something Charles Goldman ever imagined doing when he accepted the job to turn around and lead AssetMark after it had begun to unravel under Genworth’s ownership.

Yet there he was at his company’s headquarters at about 8 p.m. on Thursday March 24 making his way through his firm’s offices in Concord, Calif. flipping on light switches and doing his best job of being a good host to a delegation of 10 Chinese executives who were trailing behind him.

AssetMark employees were safely home on that Good Friday eve — none the wiser that their destiny might soon be in the hands of a giant Chinese broker-dealer that produces $6 billion in annual revenue from 11 million customers.

But by April 5, Reuters reported Huatai Securities was nearing a deal with AssetMark that could top $800 million, even as it engaged in a bidding war with other interested parties, including a Chinese private equity firm.

The turnkey asset management provider today made it official today that it had indeed completed a deal — one worth about $780 million in cash.

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