La Jolla-based Altegris Investments is being acquired by Genworth Financial, Inc. (NYSE: GNW), according to a recent press release.
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, the release stated.
“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 and CEO of Altegris. Bringing a proven suite of alternative investment products as well as distribution