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Genworth Wealth completes sale to P-E firms

Changes to platform coming in next few weeks; firm will have new name by year-end

Genworth Financial Wealth Management today 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 and Genstar Capital.
“People here are very excited about this,” said Gurinder Ahluwalia, president and chief executive of Genworth Financial Wealth Management. “We will definitely have more independence and autonomy to really deliver on our promise to financial advisers.”
The company’s name will be changed by the end of the year, but other changes to the platform will appear within the next few weeks, Mr. Ahluwalia 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.
The origins of Genworth Financial Wealth Management can be traced to the mid-1980s, but the company has operated in its current form since 2007.
“In many ways, we are getting back to our roots and looking forward to taking our business to the next level,” Mr. Ahluwalia said.