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Genworth To Broaden Wealth Management Platform Through Acquisition
Wendy Connett
20 October 2010
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.