Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.
Deals & People August 20, 2008
Genworth, AssetMark Complete Acquisition
Genworth Financial, Inc., launched its new wealth management division, Genworth Financial Wealth Management, Inc.
Reported by Ellie Behling
The announcement completes the integration of two Genworth companies: AssetMark Investment Services, Inc., and Genworth Financial Asset Management, according to a Genworth release. Genworth completed its acquisition of AssetMark in October 2006.
The newly combined firm has more than 4,500 financial advisers and $18 billion in assets under management.
“The integration of AssetMark and Genworth Financial Asset Management creates a unique opportunity to bring together two companies with deep roots in the independent advisory business and a shared vision for the future,” said Ron Cordes, co-chairman, Genworth Financial Wealth Management, in the release. “We were able to examine what each company did well individually, blend the best of both platforms, and create new tools and services to meet the evolving needs of independent financial advisers.”
Genworth Financial Wealth Management offers independent advisers a fee-based investment management platform, including a choice of eleven portfolio strategists and an array of investment management firms, the company said.