Sources familiar with the matter were quoted by Reuters as saying that Genworth is working with Goldman Sachs Group, while Deutsche Bank is helping the potential acquirers on the deal.
Value of the deal has been projected to range from $400m to $450m, as reported by the news agency.
All the concerned parties neither confirmed nor denied the development.
Due to increased pressure from rating agencies primarily due to losses sustained in its mortgage business, Virginia-based Genworth is selling the businesses.
In 2006, Genworth purchased AssetMark Investment Services and integrated it with Genworth Financial Asset Management to establish Genworth Financial Wealth Management.
Serving customers through approximately 6,000 third-party advisers across the US, the wealth management unit manages more than $20bn in assets under management.
With $3.47bn in client assets, its San Francisco-based Altegris business was purchased in 2010.
