HUATAI Securities Co. is seeking to acquire U.S. asset management software maker AssetMark Inc. for as much as US$800 million, according to sources familiar with the matter, in the latest example of a Chinese company taking an interest in U.S. businesses.

    A deal for AssetMark could be the biggest Chinese investment in the U.S. financial services sector since Anbang Insurance Group Co.’s US$1.6 billion agreement in November to acquire Fidelity & Guaranty Life.

    Huatai is facing competition from private equity firms at an auction for AssetMark, including a Chinese buyout firm, the sources said. A winner in the bidding process is expected as early as this month, the sources added.

    AssetMark, based in Concord, California, provides asset management software to investment managers, broker dealers and investors, which collectively manage more than US$28.5 billion on its platforms.

    In 2013, private equity firms Genstar Capital LLC and Aquiline Capital Partners acquired Genworth Financial Inc.’s wealth management business, which later became AssetMark. That deal, which had a price tag of US$412.5 million, also included another separate investment management business named Altegris.

    Genstar and Aquiline partnered again in 2015 when the two purchased Ascensus Inc., a technology provider to retirement and college savings plans, from J.C. Flowers & Co. for an undisclosed amount.

    J.C. Flowers was part of the consortium that attempted to buy Starwood Hotels & Resorts Worldwide Inc. alongside Anbang last month for as much as US$14 billion. (SD-Agencies)