Genworth Financial has agreed to acquire Altegris. Altegris provides a platform of alternative investments including hedge funds and managed futures products, representing approximately $2 billion in client assets. Under the terms of the agreement, Genworth will pay approximately $35 million at closing, with additional performance-based payments.

La Jolla, California-based Altegris also provides clearing services to accounts representing $800 million in institutional assets. Based in Pleasant Hill, California Genworth Financial Wealth Management and Altegris combined will have approximately $23 billion in assets under management.  The target date for closing the transaction is year-end 2010.