Genworth Closes Sale of Wealth Management Units

By Sarah Todd September 03, 2013, 10:28 a.m. EDT 1 Min Read

M&A

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Genworth Financial (GNW), an insurer in Richmond, Va., has agreed to part with its wealth management operations for $412.5 million.

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The insurer Genworth Financial (GNW) has completed the $412.5 million sale of its wealth management operations.

Genworth, based in Richmond, Va., disclosed plans in late March to sell two units to a private-equity partnership between Aquiline Capital Partners and Genstar Capital. The businesses are Genworth Financial Wealth Management, an investment advisory platform, and Altegris, which provides alternative investment products.

Genworth Financial Wealth Management will continue to operate under its current name until a new one is announced later this year. As an independent company, it will enjoy "increased flexibility to deliver what advisors want most?innovative investment solutions and services that position their practices for accelerated growth," President and Chief Executive Gurinder Ahluwalia said in a press release issued Tuesday.

Genworth has been shedding units since 2012 in an effort to narrow its focus to life and mortgage insurance operations.

Sarah Todd

Deputy Editor, BankThink