Genworth Financial has agreed to pay $35 million, plus additional performance-based payments, to acquire alternative investments platform provider Altegris. The deal is expected to close at the end of the year.
The Altegris platform is used by hedge funds and managed futures firms with $2 billion in assets under management, and the firm also provides clearing services to another $800 million in institutional assets. Combined, the two companies will have $23 billion in assets under management.
“The addition of Altegris will provide independent financial advisers an expanded set of offerings that are integral to serving the needs of their clients,” particularly high-net-worth investors, said Genworth Financial Wealth Management President and CEO Gurinder Ahluwalia.