What happened

AssetMark Financial Holdings (AMK 0.12%) was up big on Thursday, up about 12.4% as of 12:40 p.m. ET. It had been up as much as 14.8% during the morning session. The stock is currently trading at around $30 per share, up roughly 30% year to date.

It bucked the market trends as all of the major indexes were down on Thursday with the S&P 500 off 13 points (0.3%), the Dow Jones Industrial Average down 187 points (0.6%), and the Nasdaq Composite down 46 points (0.4%) as of 12:40 p.m. ET.

So what

AssetMark Financial is a fintech that offers what is called a turnkey asset management program -- or TAMP. AssetMark's customers, which are mostly independent financial advisors, use the automated platform for various investment management functions, like building investment portfolios for their clients.

AssetMark surged higher on Thursday after posting solid fourth-quarter earnings on Wednesday afternoon. Revenue was up 14.3% year over year to $164 million, while net income more than doubled to $25.6 million, or $0.35 per share, up from $12.7 million a year ago. Both of these numbers beat consensus estimates.

For the full year, revenue gained 16.6% year over year to $618 million while net income was $103.3 million, up from $25.7 million the previous year.

Credit Suisse raised its price target for AssetMark from $23 per share to $28 per share Thursday morning, but the stock price had already sailed past that on the strong earnings. J.P. Morgan had upgraded it to overweight last month and increased the price target to $32 per share, up from $24 per share, reported the Fly.

Now what

AssetMark closed on its acquisition of Adhesion Wealth, which provides registered investment advisors (RIA) the ability to offer investment strategies and services to help their clients. CEO Natalie Wolfsen said the acquisition strengthens AssetMark's ability to serve the growing RIA market.

Financial advice remains in high demand in this uncertain market and many advisors are turning to these outsourced TAMP services for help -- so AssetMark should benefit from that as one of the biggest players.

AssetMark has a forward price-to-earnings ratio of around 13 so it has a pretty fair valuation with some decent tailwinds in a choppy macroeconomic environment.