We hope this email finds you well.

We wanted to inform you about an important announcement regarding AssetMark, the investment platform that we use. You will soon receive a letter detailing that AssetMark will be acquired by investment funds affiliated with GTCR LLC, a leading U.S.-based private equity firm. This sale is expected to be finalized in the fourth quarter of 2024.

Here’s why this change is good news for you:

1. Stronger Ownership: AssetMark was previously owned by a Chinese financial company, and while they helped the company go public and achieve significant growth, their largest shareholders were still based in China. The new ownership by GTCR completely removes any Chinese ownership, bringing in a robust U.S.-based firm.
2. Enhanced Financial Strength: GTCR’s involvement means a fresh infusion of capital into AssetMark, which will be used to enhance services and expand capabilities. Over the past five years, AssetMark has grown from managing $70 billion to $100 billion in assets, and this new partnership aims to accelerate that growth even further.
3. Consistency in Service: Your relationship with us here at Waterstone Financial and the services you receive from AssetMark will remain unchanged. AssetMark will continue to provide the same high-quality service and support we’ve come to expect.
4. Back Office Support: It's important to clarify that your investments and accounts remain at Fidelity, our trusted custodian. AssetMark provides the technology and back-office support that allows us to offer you access to some of the biggest money managers and cutting-edge investment solutions.

Lastly, I want to assure you that Michael Kim, the CEO of AssetMark, remains at the helm, and he has expressed strong confidence in the positive impact of this transition. I have spoken with Michael and he was excited that the new owners are already infusing new capital for technology enhancements and have strategic plans to enhance the platform further.

If you have any questions or concerns about this transition, please do not hesitate to contact us. Your satisfaction and confidence in our services are our top priorities.

Thank you for your continued trust and partnership.

Kindly,

James Gallagher

President of Waterstone Financial