The sale includes both of the unit’s businesses, investment management and consulting division Genworth Financial Wealth Management (GFWM) and alternative investments business Altegris.
The two new owners said they now plan to expand distribution channels and lauinch new products for at Altegris and help GFWM with product development.
Jean-Pierre L. Conte, Genstar chairman, said, “This acquisition, in partnership with Aquiline, is a demonstration of our continued focus of investing in targeted, attractive segments within the financial services sector.
“We are pleased to welcome our new partners to our teams because they share our vision for continued growth and ongoing client focus.
“Aquiline and Genstar’s financial services expertise will support market innovation for advisors.”
Aquiline and Genstar were advised by Deutsche Bank, while Credit Suisse provided debt financing for the deal.
Back in December New York-based Aquiline fought off competition from bidders including Edi Truell’s Tungsten Corp to buy troubled motor insurer Equity Red Star for £87m.
Some of Genstar’s recent deals included the acquisition of retail insurance broker Acrisure.
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