Lombard International, a specialist in wealth structuring solutions for high net worth individuals, 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 per cent 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.
Hillman says: “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.”
Akaan’s chairman and founder, Fernando Quiroz, adds: “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, 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.