Genworth deal completed

Sep 8, 2013 @ 12:01 am

By Jeff Benjamin

Genworth Financial Wealth Management Inc. last Tuesday kicked off its first day as an independent investment management platform, following the completion of its sale by Genworth Financial Inc.

The $412 million deal, originally announced in March, shifts ownership of the company to two private-equity firms, Aquiline Capital Partners LLC and Genstar Capital.

“We will definitely have more independence and autonomy to really deliver on our promise to financial advisers,” said Gurinder Ahluwalia, president and chief executive of Genworth Financial Wealth Management.

Changes to the platform will appear within the next few weeks, he said. For example, there already are plans to roll out a program to help financial advisers work as fiduciaries of 401(k) retirement plans.

The company, which has $20 billion under management and works with more than 5,000 advisers, focuses on three main areas, including an investment platform, practice management and back-office services.

jbenjamin@investmentnews.com Twitter: @jeff_benjamin

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