Who Will Buy This $2B Liquid Alts Shop?
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Monday, October 31, 2016

Who Will Buy This $2B Liquid Alts Shop?

Word on the street is that Altegris [profile] is on the block.

The La Jolla, California-based liquid alternative mutual fund shop is for sale, a source familiar with the situation tells MFWire. The deal talk comes three years after private equity firms Aquiline Capital Partners and Genstar Capital bought Altegris and what is now AssetMark from Genworth for a combined $412.5 million.

Marty Beaulieu (executive chairman at Altegris) Rich Rosenbaum (partner at Aquiline), and Tony Salewski (managing director at Genstar) did not return calls for comment for this story. Spokespeople for Altegris and Genstar both declined to comment, and a spokesman for Aquiline was not able to comment.

Altegris has about $2.18 billion in AUM, per its most recent form ADV filed with the SEC on June 30, 2016. Altegris lists mutual funds as accounting for up to 75 percent of its AUM and between 26 and percent percent of its clients. The Altegris leadership team includes Beaulieu, CEO and chief investment strategist Jack Rivkin, president and chief operating officer Ken McGuire, and founder and chief investment officer Matt Osborne.

Asset manager deal pricing usually falls between one percent and three percent of AUM. So, expect the price tag for Altegris to fall between $21.8 million and $65.4 million.

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