Industries Banking/Finance

Reuters reports Genworth plan to sell two financial services businesses

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Reuters reported Friday that Richmond-based Genworth Financial Inc. plans to sell two of its businesses to raise capital.

Citing unnamed sources familiar with the situation, the news service said Genworth, a Fortune 500 company, wants to sell its Pleasant Hill, Calif.-based wealth asset management business and Altegris,
its San Francisco-based alternative investments provider.

The wealth management service has more than $20 billion in asset under management and sells through about 6,000 advisers nationwide.

Altegris has about $3.36 billion in client assets.

One source told Reuters that, sold together, the businesses would be worth about $400 million.

Acting CEO Martin P. Klein told investors in early August that the company had completed a strategic review of its operations but declined to reveal if any of its businesses would be sold or spun off.

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