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Rating:A Recent Entrant to the Mutual Fund Biz is Changing Hands Not Rated 4.0 Email Routing List Email & Route  Print Print
Tuesday, October 19, 2010

A Recent Entrant to the Mutual Fund Biz is Changing Hands

Reported by Armie Margaret Lee

Altegris [see profile], a California-based alternative investment shop that jumped into mutual fund waters last month, will soon have a new owner. Tuesday, Genworth Financial unveiled a $35 million deal to purchase Altegris.

The transaction, expected to close at the end of the year, also includes additional performance-based payments.

Altegris provides managed futures account services and has developed a platform of alternative investments. The firm entered the mutual fund business last month with the launch of Altegris Managed Futures Strategy Fund.
Company Press Release

Genworth Financial to Broaden Wealth Management Platform Through Acquisition of Altegris

RICHMOND, Va., Oct 19, 2010 -- Genworth Financial, Inc. (NYSE: GNW) announced today that it has agreed to acquire the Altegris companies. Altegris provides a diverse platform of premier alternative investments including hedge funds and managed futures products, representing approximately $2 billion in client assets. Altegris provides clearing services to accounts representing $800 million in institutional assets. Under the terms of the agreement, Genworth will pay approximately $35 million at closing, with additional performance-based payments.

Genworth Financial Wealth Management (GFWM) and Altegris combined will have approximately $23 billion in assets under management(1). "The addition of Altegris will provide independent financial advisors an expanded set of offerings that are integral to serving the needs of their clients," said Gurinder Ahluwalia, President & CEO of GFWM. "As a specialist with deep roots in designing and delivering alternative investment products, we are excited to introduce our capability and expertise to a broader group of financial advisors through GFWM," said Jon Sundt, President & CEO of Altegris. Bringing a proven suite of alternative investment products as well as distribution relationships with registered investment advisers and broker dealers, Altegris enhances and complements Genworth's competitive position with higher net worth clients. The target date for closing the transaction is year-end 2010.

Genworth Financial Wealth Management, based in Pleasant Hill, California, is a leading provider of comprehensive open-architecture product solutions and managed account services to independent financial advisors, helping them to grow their businesses efficiently and profitably. Altegris, based in La Jolla, California, provides managed futures account services and has developed a platform of alternative investments designed to meet the needs of investment professionals and investors seeking portfolio diversification with historically low-correlated investments.
 

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