Lombard International Group reports record results
Lombard International Group, a leader in wealth and succession planning solutions for high net worth (HNW) individuals, families and institutions, has reported record financial results for 2019.
The Group has reported record new business remiums of EUR5.7 billion, a 25 per cent increase on 2018 performance, driven by higher sales in the US and Europe. Assets under administration meanwhile, grew to a record high of EUR48.4 billion (as of 31 December 2019), a 17 per cent increase on 2018, driven by positive net flows and favourable investment performance
Commenting on the results, John Hillman, Executive Chairman of Lombard International Group, says: “2019 was a record year for Lombard International Group. We continued the expansion of our global capabilities, especially in the international wealth hubs of Switzerland, London, New York, Hong Kong and Singapore. These epicentres of HNW capital flows remain pivotal to our business growth. We remain committed to developing and investing in the best talent globally, and to deepening relationships with key strategic partners across the globe to reinforce our leadership position.
"As the Group continues to grow and evolve, I am pleased to welcome Stuart Parkinson, who will join us on 1 April 2020, as Group Chief Executive Officer. With 27 years of international experience in banking and financial services, Stuart has deep expertise in building and managing diverse teams and bringing resources together across multiple geographies to enhance propositions to best serve clients. He will bring great energy and fresh thinking as we continue to expand our distribution footprint internationally.”
Over the last 12 months, Lombard International Group continued to expand its worldwide operations, building a truly unique footprint and enabling an integrated global perspective to best serve clients and their advisors, wherever in the world they reside and have interests.
In Europe, the business delivered a 24 per cent year-on-year growth in new business inflows. LIA Wealth Advisers Ltd., an FCA approved UK entity was established to ensure continued service regardless of the Brexit negotiations. LIA Patrimoine, a regulated broker in France, was also launched to serve the growing network of partners and intermediaries in France.
In the United States, the business delivered a 27 per cent year-on-year growth in new business premium income. The business invested in enhancing its partnership model, leveraging its unique technical expertise and flexible operating capabilities.
Emerging markets present a significant growth opportunity for the Group as the business continues to grow its brand presence in Asia. New business origination from Latin America also grew substantially in 2019.