Genworth works a $35 million deal

genworthlogoGenworth Financial said today it will pay $35 million to acquire to the Altegris Investments.

Richmond-based Genworth will combine Altegris into Genworth Financial Wealth Management. Combined, the two entities will manage $23 billion in assets. Genworth Financial Wealth Management is based in Pleasant Hill, Calif.

Altegris is based in La Jolla, Calif. and offers alternative investments including hedge funds and managed futures products. It was founded eight years ago and has 70 employees. It manages about $2 billion in assets. Genworth, by comparison, has more than $100 billion in assets.

Genworth said in its release that the acquisition will enhance its competitive position in going after higher net worth clients.

In addition to paying $35 million at closing, Genworth will make performance-based payments to Altegris. The transaction is expected to close at the end of the year.

The Altegris name and brand will remain, according to a letter from Altegris President and CEO Jon Sundt. The company’s executive team will also continue to run the company.

genworthlogoGenworth Financial said today it will pay $35 million to acquire to the Altegris Investments.

Richmond-based Genworth will combine Altegris into Genworth Financial Wealth Management. Combined, the two entities will manage $23 billion in assets. Genworth Financial Wealth Management is based in Pleasant Hill, Calif.

Altegris is based in La Jolla, Calif. and offers alternative investments including hedge funds and managed futures products. It was founded eight years ago and has 70 employees. It manages about $2 billion in assets. Genworth, by comparison, has more than $100 billion in assets.

Genworth said in its release that the acquisition will enhance its competitive position in going after higher net worth clients.

In addition to paying $35 million at closing, Genworth will make performance-based payments to Altegris. The transaction is expected to close at the end of the year.

The Altegris name and brand will remain, according to a letter from Altegris President and CEO Jon Sundt. The company’s executive team will also continue to run the company.

This story is for our paid subscribers only. Please become one of the thousands of BizSense Pro readers today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

Subscribe
Notify of
guest

0 Comments
oldest
newest most voted
Inline Feedbacks
View all comments