Reuters quoted sources familiar with the matter as saying that while Genworth is working with Goldman Sachs Group Inc, Genstar and Aquiline are working with Deutsche Bank AG.
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One of the sources also estimated the deal for both businesses would be valued at $400 million to $450 million.
Meanwhile, Richmond, Virginia-based Genworth Genworth, which was a part of conglomerate General Electric Co, is offloading the businesses as it faces increased scrutiny from ratings agencies, Reuters added.
It was in 2006 that Genworth had bought its turnkey assets management platform, which was called AssetMark Investment Services, and merged it with Genworth Financial Asset Management to form Genworth Financial Wealth Management.
Currently, the wealth management business has more than $20 billion in assets under management and sells its portfolios through about 6,000 third-party advisers across the country.
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