RICHMOND, Va. (AP) - Holding company Genworth Financial Inc. said Thursday it will acquire AssetMark Investment Services, a provider of outsourced managed account services to independent financial advisors, for $230 million in cash plus additional performance-based payments of up to $110 million over five years.

AssetMark founders Ronald D. Cordes, Brian R. O'Toole and Richard E. Steiny will remain with the new company. Cordes will serve as chairman while O'Toole becomes chief executive and Steiny serves as president. Genworth's Gurinder S. Ahluwalia will become vice chairman.

The combined company will have more than $12 billion in assets under management.

"This acquisition is consistent with our strategy to expand in the growing managed money and retirement income markets through independent advisors," Pam Schutz, president and chief executive of Genworth's retirement income and investment business, said in a statement.

The deal is expected to close in the fourth quarter.

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