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Lombard International Signs Joint Venture in MexicoLombard International, a global leader in wealth structuring solutions for high net worth individuals, today announced that it has signed an agreement with Mexico-based wealth management firm Akaan to create a new life assurance company in Mexico called 'Akaan Lombard International'. Akaan Lombard International will be a joint venture between Lombard International and Akaan, with each business owning 50% of the venture. Based in Santa Fe, Mexico City, the new company will manufacture and distribute wealth-structuring solutions using unit-linked life assurance to high net worth individuals and families in Mexico, as well as Mexicans residing outside of the country. Lombard International's Executive Chairman, John Hillman and Executive Vice President, Head of Global Distribution, Ken Kilbane, will join the board of Akaan Lombard International alongside representatives from Akaan. John Hillman commented: "These are exciting times, this joint venture creates a compelling opportunity, underlines our commitment to Latin America and supports our global strategy, following record growth in 2016. Akaan has an excellent reputation in Mexico and we are pleased to bring our technical expertise and innovative solutions to the joint venture to serve the needs of high net worth individuals and their families in Mexico and beyond. As individuals live longer, increasingly global lives and the geopolitical landscape becomes ever more complex, developing flexible, long-term wealth structuring solutions has never been more important." kaan's Chairman and founder, Fernando Quiroz added, "We are delighted to be working with Lombard International. This joint venture is in line with our strategy to partner with world class firms in order to bring best in class financial solutions to the Mexican market." The partnership with Lombard International follows the recent approval of Akaan Transamerica (News - Alert), a new asset management firm in Mexico as well as Akaan's recent acquisition of Itau BBA Casa de Bolsa. The new life insurance company is subject to regulatory approval. The joint venture will launch later in the year. About Lombard International Lombard International is a leading global life insurance-based wealth solutions provider, combining the strength and expertise of two specialist life insurance companies with over 25 years' experience and market leadership in their respective fields. Lombard International provides wealth structuring solutions using private placement life insurance and annuity products to high net worth individuals, their families and institutions around the globe. The global group, branded as Lombard International, launched to market in September 2015. With head offices located in Luxembourg and Philadelphia, a combined global presence enables Lombard International to serve clients' complex needs on a global basis while being sensitive to local cultures and attitudes. The firm is an industry leader in providing multi-jurisdictional wealth planning solutions through its partner networks across the United States, Europe, Asia and Latin America. Global assets under administration are in excess of €77 billion with a global staff number of over 600, including more than 60 technical experts specializing in 20+ jurisdictions. Funds managed by Blackstone own Lombard International. Blackstone is one of the world's leading investment firms with assets under management of over USD 367 billion. About Akaan Akaan is a Mexico based wealth management firm that provides best in class financial and wealth management solutions to Mexican individuals, families and institutions. Akaan integrates several financial subsidiaries related to wealth management and has one of the most experienced and professional banking teams in Latin America. Akaan was the first asset management firm to implement Aladdin®, an industry leading portfolio management system, in Mexico and has one of the best technological platforms for wealth management solutions in Mexico. Its product offering includes alternative investments, actively as well as passively managed funds and investment strategies. Akaan has presence in Mexico City, Guadalajara and Monterrey. View source version on businesswire.com: http://www.businesswire.com/news/home/20170530005657/en/ |
