Lombard International has opened an office in New York City to boost its US presence and support its global expansion plans.
The company laid the foundations for more US business by integrating with US-based insurance company Philadelphia Financial in September 2015. Since then it has made a series of acquisitions and opened offices across the globe including Hong Kong, Singapore, Luxembourg and Belgium.
The New York office at 400 Park Avenue will be used by Lombard International’s sales team as the firm looks to expand its offerings of high-net-worth solutions.
John Hillman, executive chairman of Lombard International, said: “New York City is a financial center for the US and is home to one of the largest concentrations of advisers to high-net-worth individuals, families and institutions in the country.
“The opening of this new office was a strategic initiative to cement our stake in the market, as we seek to increase our proximity to both new and existing clients and their advisers.”
Senior appointments to its US team
Since Luxembourg-based Lombard International Assurance’s integration with Philadelphia Financial the firm has also made several senior appointments to its US team
“As we continue to expand our offerings and build out our executive team, it is important that we place Lombard International into key financial markets, positioning the firm as a leader in wealth structuring solutions with a global footprint,” added Hillman.
Earlier this year, as reported, Lombard announced it was to open offices in Hong Kong and Singapore, in what it said was the first step in a larger expansion into the Asian market. And its move into Belgium came after the company announced in January that it would acquire Zurich Eurolife Luxembourg SA’s so-called Private Banking Solutions business, which is actually an insurance business aimed at high net worth clients.
Global assets under administration following the September 2015 integration are in excess of US$75bn, according to the company, with a global staff number of over 500, in more than 20 jurisdictions.