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Altegris Jon Sundt

Genworth Financial to acquire Altegris

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Genworth Financial has agreed to acquire the Altegris companies. 

Altegris provides a platform of alternative investments including hedge funds and managed futures products, representing approximately USD2bn in client assets. 

Altegris provides clearing services to accounts representing USD800m in institutional assets.

Under the terms of the agreement, Genworth will pay approximately USD35m at closing, with additional performance-based payments.

Genworth Financial Wealth Management and Altegris combined will have approximately USD23bn 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," says Gurinder Ahluwalia, president and chief executive of Genworth Financial Wealth Management.

"As a specialist with deep roots in designing and delivering alternative investment products, we are excited to introduce our capability and expertise to a broader group of financial advisors through GFWM," says Jon Sundt, president and chief executive of Altegris.

The target date for closing the transaction is year-end 2010.

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