Genworth Financial Inc. has completed the sale of its wealth management unit and alternative investment provider to a partnership of private equity firms.

Genworth Financial completed the sale of Genworth Financial Wealth Management and Altegris, which offers liquid alternative investments, to Aquiline Capital Partners and Genstar Capital, the wealth management unit announced today. The company will continue to use the Genworth Financial Wealth Management name until it announces a new name later this year. The $412.5 million deal was announced in March.

"This is an exciting milestone for us," said Gurinder S. Ahluwalia, president and CEO, Genworth Financial Wealth Management. "As an independent company, we'll have increased flexibility to deliver what advisors want most -- innovative investment solutions and services that position their practices for accelerated growth. In many ways, we are getting back to our roots and looking forward to taking our business to the next level."

In the coming months, the firm plans to introduce new products and services to help advisors manage client assets, the company said.

Genworth Financial Wealth Management has approximately $20 billion in assets on its platform and helps more than 6,000 advisors meet their clients' wealth management and investment needs.

Aquiline Capital Partners is a New York-based private equity firm investing in the financial services sector and Genstar Capital Management, based in San Francisco, is a middle-market private equity firm that focuses on investments in financial services, software, health care and industrial technology industries.