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Deals & People October 19, 2010
Genworth to Acquire Alternative Investment Management Firm
Genworth Financial, Inc. agreed to acquire the Altegris
companies, a provider of alternative investments including hedge funds
and managed futures products, representing approximately $2 billion in
client assets.
Reported by Rebecca Moore
Altegris provides clearing services to accounts representing $800 million in institutional assets. Genworth Financial Wealth Management, based in Pleasant Hill, California, is a provider of open-architecture product solutions and managed account services to independent financial advisers.A press release said GFWM and Altegris combined will have approximately $23 billion in assets under management.
“The addition of Altegris will provide independent financial advisers an expanded set of offerings that are integral to serving the needs of their clients,” said Gurinder Ahluwalia, President & CEO of GFWM, in the announcement.
Under the terms of the agreement, Genworth will pay approximately $35 million at closing, with additional performance-based payments.