Luxembourg-based Lombard International Assurance has opened a representative office in Paris, as it continues to expand its presence internationally.
The new office is located on boulevard Haussmann in the Eighth Arrondissement, north of the Élysée Palace. It is to be operated by Lombard Intermediation Services, a distribution company wholly-owned by the Luxembourg-based parent, the company said in a statement today.
The opening of the new office opening is part of the company’s strategic aim of reaching out to key strategic partners, such as private banks, family offices and wealth planners, in the region, the statement added.
The new Paris office will be managed by Régis Gaston-Breton, head of the domestic French marketfor the company, and Pierre-Alix Jean, relationship manager, both of whom joined in March. They will work with senior relationship managers Zulmiro Da Costa and Julien Martin-Rosset, who are based in Luxembourg and Geneva, respectively.
Prior to joining Lombard IA, Gaston-Breton had been sales executive director for UBS Asset Management (France). Jean’s previous employers have included HSBC Global Asset Management, KBL Richelieu Banque Privée and AXA Investment Managers.
Overall responsibility for the French market comes under Luxembourg-based Luca Bertacchi, regional director of central and southern Europe for the firm.
Lombard International Assurance is a provider of life insurance-based investment products. As reported in International Investment’s May issue, the firm has been undergoing significant change since it was acquired by the Blackstone private equity group from Friends Life in October 2014.
Blackstone initially integrated Lombard IA’s business in 2015 with that of a US-based insurance company, Philadelphia Financial, that it had bought the previous year, and then set about transforming the business into a global brand, through a combination of organic growth and acquisition.
In April, it announced the opening of an office in New York, after opening offices in Hong Kong and Singapore, as part of what was said to be the beginning of a larger expansion into the Asian market.
In January it revealed it was to gain a presence in the Belgium market after acquiring Zurich Eurolife Luxembourg SA’s so-called Private Banking Solutions business, which was actually an insurance business aimed at high-net-worth clients.
Global assets under administration exceed US$75bn, according to the company, with a global staff number of more than 500, located in more than 20 jurisdictions.