Private equity companies Aquiline Capital Partners and Genstar Capital Management announced that they had completed their acquisition of Genworth Wealth Management. The private equity firms bought Genworth Wealth Management from Genworth Financial Inc for USD 412.5 million. The deal was first announced in March.

The purchase included the Genworth Financial Wealth Management and Altegris units of Genworth Wealth Management. The former is a platform that provides investment management and services. The latter caters to investors seeking liquid alternative investments.

Aquiline Capital Partners is a New York-based firm that invests in various financial services enterprises. It looks for opportunities in the insurance, securities, banking, financial technology and asset management sectors. Genstar Capital Management, meanwhile, is a San Francisco-based firm that focuses its investments in the industrial technology, software, healthcare and financial services industries. Genstar manages more than USD 4 billion in committed capital and has been in the business for twenty-five years.