Lombard International Assurance launches wealth management business
Lombard International Assurance has announced the launch of its global life insurance-based wealth management business, following the integration of Luxembourg-headquartered Lombard International Assurance with US-headquartered Philadelphia Financial.
The new business will be run under Lombard International’s brand and targets the high and ultra-high net worth markets.
Funds managed by Blackstone completed the acquisition of Philadelphia Financial in July 2015, having acquired Lombard International Assurance in October 2014.
As of September 2015, the business has $75bn (€68bn) in assets under administration.
“Our ambitions for regional and global growth have been greatly reinforced by Blackstone, helping the re-branded business achieve our goal of providing best-in-class, holistic wealth planning solutions for clients across the globe,” says John Hillman, executive chairman of Lombard International.