Genworth Financial has signed an agreement to acquire AssetMark Investment Services, another separately managed account adviser that sells through independent financial advisers, for $230 million at closing and an additional $110 million a year for five years, provided certain requirements are met, for a potential total of $780 million. The deal is expected to close in the fourth quarter.

Combined, the firm will have more than $12 billion in assets under management and relationships with 4,000 advisers. AssetMark currently has $8 billion under management.

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