Genworth to sell wealth management business

March 29, 2013 by Warren S. Hersch

Genworth Financial, Inc., Richmond, Va., has announced it has reached an agreement to sell its Wealth Management business, including Genworth Financial Wealth Management and alternative solutions provider, the Altegris companies, to a partnership of Aquiline Capital Partners and Genstar Capital.

The sale price is expected to be approximately $412.5 million and the company will record an after-tax loss of approximately $40 million related to the sale with approximately $35 million recorded in the first quarter of 2013 and the remainder upon closing. The sale is expected to close in the second half of 2013, subject to customary closing conditions, including requisite regulatory approvals. Click here to read…

Originally Posted at LifeHealthPro on March 28, 2013 by Warren S. Hersch.