Genworth Financial has appointed Thomas McInerney as president and chief executive, effective January 1, 2013.

McInerney will also join the board of directors and James Riepe will continue to serve as the company's non-executive chairman of the board, the firm said.

McInerney previously held senior roles at ING Group and Aetna Financial Services. Prior to that, he served as CEO of ING Americas, overseeing insurance, pension and investment management businesses across the US, Canada and Latin America.

Meanwhile, Genworth Financial Wealth Management has reportedly appointed Daniel Courtney as president of Genworth Financial Asset Management, the wealth unit’s affiliate investment arm. It is a newly-created role in which Courtney will oversee growth strategy, including product development and target markets. 

According to media reports, Courtney will report to Mike Abelson, senior vice president of Genworth Financial Wealth Management's investments and product development. He will also work closely with Tim Knepp, chief investment officer of the asset management division.

Courtney spent the past seven years in a number of senior roles at Resource America, the asset management firm.

Family Wealth Report was unable to contact Genworth about the hire in time for publication.

The move comes after Reuters reported in October that Genworth intends to sell two of its businesses - including its wealth management operation - as part of a move to raise capital.

The news service said the company, based in Richmond, VA, plans to sell its Pleasant Hill, CA-based wealth and asset management business, which has over $20 billion in assets under management and sells its portfolios through about 6,000 third-party advisors around the country. The sale would also include Altegris, its San Francisco-based alternative investments provider, according to the October report.

Net operating income at Genworth Financial’s wealth management segment was $10 million for the third quarter, down from $12 million in the prior-year third quarter. 

Assets under management at its wealth management segment however increased sequentially to $22.6 billion, as positive market conditions added $567 million while net flows were negative $254 million, which the firm attributed to relative investment performance. Year-over-year, assets under management were down from $24.6 billion.