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Aquiline, Genstar Capital to purchase Genworth Wealth Management for $412.5m

Genstar Capital, a San Francisco-based middle market private equity firm, and Aquiline Capital Partners, a New York-based private equity firm investing in the financial services sector, have agreed to acquire Genworth Wealth Management from Genworth Financial for $412.5m.

The sale by Genworth comprises both Genworth Wealth Management’s businesses: Genworth Financial Wealth Management (GFWM), an investment management and consulting platform, and Altegris, a provider of premier alternative investments.

The acquirers will invest their operational expertise and industry experience to assist GFWM and Altegris increase their scale and capabilities and to expand product development and technology offerings at GFWM, and expand distribution channels and launch new alternative products at Altegris.

Aquiline chief executive Jeff Greenberg said that Genworth Financial Wealth Management and Altegris are strong brands, with experienced management teams and high growth potential, which will provide strategic resources that differentiate them from their competitors in rapidly-growing industries.

GFWM mainly offers independent financial advisors with complete support throughout every phase of their practice, enabling them to meet clients’ wealth management and investment needs.

Altegris’ products deliver a competent solution for financial professionals and individuals seeking alternative investments.

The transaction, which is subject to customary closing conditions, is likely to complete during the second half of 2013.

Aquiline and Genstar were advised by Deutsche Bank, while a debt financing commitment has been provided by Credit Suisse regarding the acquisition.

Aquiline is a private equity firm, which invests in financial services enterprises in industries including asset management, property and casualty insurance, banking, securities, life insurance and financial technology.

Having more than $4bn of committed capital under management, Genstar Capital operates in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses.