Reuters reports Genworth plan to sell two financial services businesses
- October 12, 2012
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.