M and A
Genworth To Broaden Wealth Management Platform Through Acquisition
Genworth
Financial has agreed to acquire Altegris. Altegris provides a
platform of
alternative investments including hedge funds and managed futures
products,
representing approximately $2 billion in client assets. Under the
terms of the
agreement, Genworth will pay approximately $35 million at
closing, with
additional performance-based payments.
La
Jolla, California-based Altegris also provides clearing services
to accounts
representing $800 million in institutional assets. Based in
Pleasant Hill,
California Genworth Financial Wealth Management and Altegris
combined will have
approximately $23 billion in assets under management. The
target date for closing the transaction is year-end
2010.
