Lombard International is to launch a new life product, via a joint venture, specially tailored for Mexico’s growing high-net-worth and ultra-high-net-worth expat community.
The international life product and wealth management specialists announced via a statement earlier today, 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’.
Subject to regulatory approval, Akaan Lombard International will be launched as 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, set to be officially rolled out “later in the year”, will manufacture and distribute wealth-structuring solutions using unit-linked life assurance to high-net-worth-individuals and families in Mexico, as well as to Mexicans residing outside of the country, the statement said.
Lombard International’s executive chairman, John Hillman and its executive vice-president, head of global distribution, Ken Kilbane, will join the board of Akaan Lombard International alongside representatives from Akaan.
Hillman said that the joint venture creates a “compelling opportunity”. “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,” he said.
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.
Akaan’s chairman and founder, Fernando Quiroz, said that the joint venture is in line with the company’s strategy to bring “best in class financial solutions” to the Mexican market.