Private equity firms Aquiline Capital Partners LLC and Genstar Capital LLC are buying Genworth Wealth Management for $412.5 million.

Genworth Wealth was owned by Genworth Financial Inc. (NYSE: GNW). The company provides investment management and consulting, as well as alternative investing services through Genworth Financial Wealth Management and Altegris, respectively. The deal was announced March 27.

The PE firms plan to expand Genworth Wealth’s scale and capabilities through enhance product development and technology offerings, expand distribution channels and launch new alternative products through Altegris.

Aquiline, headquartered in New York, invests mainly in asset management, property and casualty insurance, banking, securities, life insurance and financial technology.

San Francisco-based Genstar has more than $4 billion of committed capital under management, which it invests in the financial services, software, healthcare and industrial technology sectors. Midcap Financial LLC, Oncure Medical Corp. and Acrisure are among the firm’s portfolio companies. 

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