Aquiline Capital Partners LLC and Genstar Capital LLC today announced they have agreed to acquire Genworth Wealth Management from Genworth Financial for $412.5 million. The transaction is expected to close in the second half of 2013.
The sale by Genworth includes both of Genworth Wealth Management’s businesses: Genworth Financial Wealth Management (GFWM), an investment management and consulting platform for independent financial advisors, and Altegris, a provider of liquid alternative mutual funds, hedge funds and separately managed accounts.
Aquiline and Genstar will work with the respective senior management teams to enhance product development and technology offerings at GFWM, and expand distribution channels and launch new alternative products at Altegris, according to a press release.
“We are pleased to welcome our new partners to our teams because they share our vision for continued growth and ongoing client focus,” Gurinder Ahluwalia, president and chief executive officer of GFWM, said in a statement.
New York-based Aquiline Capital Partners is a private equity firm investing in the financial services sector, and Genstar Capital is a middle market private equity firm based in San Francisco.