PLEASANT HILL, Calif., Sept. 3, 2013 /PRNewswire/ -- Genworth Financial Wealth Management today announced the completion of the sale of the business from Genworth Financial, Inc. (NYSE: GNW) to a partnership of Aquiline Capital Partners and Genstar Capital.
"This is an exciting milestone for us," said Gurinder S. Ahluwalia, president and CEO, Genworth Financial Wealth Management. "As an independent company, we'll have increased flexibility to deliver what advisors want most−innovative investment solutions and services that position their practices for accelerated growth. In many ways, we are getting back to our roots and looking forward to taking our business to the next level."
Mr. Ahluwalia added: "Our new investment partners share our belief in the importance of independent financial advice and our commitment to continually investing in the business so that we can best serve our advisor clients."
Genworth Financial Wealth Management is currently developing numerous new products and services that will support advisors and their management of evolving client needs. In the coming months, the firm plans to introduce new investment solutions and improved processes that bring additional efficiencies to managing client assets on the platform.
The company will continue to use the Genworth Financial Wealth Management name until it announces a new name later this year.
About Genworth Financial Wealth Management, Inc.
Genworth Financial Wealth Management was sold by Genworth Financial, Inc. and is now a privately held company. GFWM strategically supports independent financial advisors who build great businesses by providing comprehensive support across the advisors' entire practice. GFWM offers a sophisticated investment management platform, robust client relationship tools and support, and innovative practice management programs that combine leading-edge industry research with real-world expertise and experience. The firm has approximately $20 billion in assets on its platform and helps more than 6,000 advisors meet their clients' wealth management and investment needs. For more information, visit www.genworthwealth.com.
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SOURCE Genworth Financial Wealth Management, Inc.