Just over month after finalizing its independence, Genworth Financial Wealth Management, the Pleasant Hill, Calif.-based turnkey asset management program, has formed a new board of directors.
The six-person board will be chaired by industry consultant Charles Goldman, who is the former president of custody and clearing at Fidelity Investments, and prior to that head of Schwab’s RIA custody business.
Other board members are Gurinder Ahluwalia, chief executive officer of Genworth Financial Wealth Management; two executives from Genstar Capital, Hal Strong, operating executive and Anthony Salewski, a principal; and two members from Aquiline Capital Partners, Steven Spiegel, a partner, and Richard Rosenbaum, a partner at Aquiline.
Both private equity firms, Aquiline Capital and Genstar, in August completed their purchase of Genworth Financial Wealth Management from parent Genworth Financial Inc. for $412.5 million.
The TAMP has about $20 billion in assets on its platform, serving more than 6,000 advisors, primarily at independent broker-dealers and financial institutions.
“It’s an exciting market as advisors go independent,” said Goldman, who was part of the deal team that Aquiline and Genstar formed for the Genworth acquisition.
Although the TAMP typically serves advisors with $200 million or less in assets, Goldman expects to land more big RIA firms.
“We expect over time to see larger [RIAs] outsourcing,” Goldman said.
The TAMP plans to gear up, thanks to its new-found independence and access to capital.
Ahluwalia said the TAMP has doubled its technology budget, and would be looking to invest in other areas, including possible acquisitions.
In 2010, the company bought alternatives provider Altegris Investments.
The new board should be able to help spot opportunities to expand services and products, Ahluwalia said.
Strong was formerly a vice chairman of Russell Investments, and Spiegel was previously vice chairman of Putnam Investments.
“These guys were chief investment officer level of significant firms,” Ahluwalia said.
A name change is also in the works for Genworth Financial Wealth Management.
Ahluwalia said he hoped to have a new name chosen by year-end.