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Genworth likely to dispose of wealth management businesses

Genworth Financial is considering to offload two of its wealth management businesses, Pleasant Hill and Altegris, in a bid to raise capital to help meet operational as well as regulation needs.

Sources close to the matter told Reuters that Goldman Sachs & Co has been appointed as the banker for the deal, who has assessed the price of both businesses unit at $400m.

California based Pleasant Hill manages more than $20bn in AMU and markets the investment products with the help of nearly 6,000 third-party advisers in the US, as reported by Reuters.

Having $3.36bn in client assets, San Francisco-based Altegris was acquired in 2010 for $35m, is an alternative investments provider, which offers clients in mutual funds, private funds and managed accounts.

The firm has been forced to sell its assets management units, after sustaining nearly $2bn operating losses from its US mortgage guaranty unit since 2008.

In April this year, the company had disposed of its tax and accounting financial adviser business to Cetera Financial Group.