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Genworth signs agreement to buy wealth management firm

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Richmond-based Genworth Financial has signed an agreement to acquire wealth management firm Altegris for $35 million.

Altegris manages about $2 billion in client assets and offers alternative investments such as hedge funds and managed future products.

After acquiring Altegris, Genworth Financial Wealth Management will have $23 billion in assets under management.

“The addition of Altegris will provide independent financial advisors an expanded set of offerings that are integral to serving the needs of their clients,” Gurinder Ahluwalia, President & CEO of GFWM, said in a statement.

The sale is expected to close by the end of the year.


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