Genworth works a $35 million deal

Genworth 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.

Genworth 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.

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