Two private equity firms have teamed up to buy their way into the alternative mutual fund space.

New York-based Aquiline Capital Partners and San Francisco-based Genstar Capital have agreed to acquire Genworth Wealth Management from Genworth Financial for $412.5 million. The sale includes both of Genworth Wealth Management’s businesses: Genworth Financial Wealth Management, an investment management and consulting platform, and Altegris, a provider of alternative mutual funds, hedge funds and separately managed accounts.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.