Title
Public Hearing for AssetMark Financial Holdings Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a City of Charlotte Business Investment Grant to AssetMark Financial Holdings, and
B. Approve the city’s Business Investment Grant to AssetMark Financial Holdings for a total not to exceed amount of $87,575 over five years.
Body
Staff Resource(s):
Shahid Rana, Economic Development
Matt Dufore, Economic Development
Explanation
§ On July 8, 2025, AssetMark Financial Holdings announced it would establish an East Coast hub in Charlotte.
§ This action is requesting a public hearing be conducted regarding City Council approval of a Business Investment Grant (BIG) of $87,575 over five years.
§ On June 23, 2025, City Council, in closed session, indicated their intent to approve this BIG.
§ AssetMark Financial Holdings has committed to a capital investment of $10,000,000 and creation of 252 jobs to be hired with an average wage of $110,438.
§ In addition to the City of Charlotte BIG, Mecklenburg County Board of County Commissioners approved a BIG in the amount of $85,750.
Background
§ AssetMark provides innovative solutions, insightful guidance, and excellent service to financial advisors at every stage of their journey.
§ AssetMark Financial Holdings has an in-market presence acquiring a smaller financial services business in 2023 with 45 employees reporting into the office.
§ AssetMark Financial Holdings’ current location remains in Concord, CA.
Business Investment Grant
§ Actual grant payments are based on the value of the investment as appraised by the Mecklenburg County Tax Office.
§ Property taxes due from AssetMark Financial Holdings must be paid before grant payment is made.
§ If AssetMark Financial Holdings removes the investment from Charlotte during the grant term, it shall pay back 100 percent of the investment grant paid to date.
§ If AssetMark Financial Holdings moves the investment from Charlotte within ten years of the end of the Business Investment Program (BIP) grant term, a portion of the grant must be repaid as follows:
- Within one year of the end of the BIP term: 90 percent of grant payments;
- Within two years of the end of the BIP term: 75 percent of grant payments;
- Within three years of the end of the BIP term: 60 percent of grant payments;
- Within four years of the end of the BIP term: 45 percent of grant payments; and
- Within five years of the end of the BIP term: 30 percent of grant payments.
Fiscal Note
Funding: Business Investment Grant