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A bunch of buyers led by BroadRiver Asset Administration has accomplished the acquisition of Lombard Worldwide’s U.S. and Bermuda enterprise.
The enterprise manages non-public placement life insurance coverage and personal placement variable annuity preparations for rich people and households.
The enterprise ended the primary half of the yr with $12 billion in belongings beneath administration, in line with Pacific Normal, a New York-based funding agency that participated within the deal.
Lombard, a agency owned by Blackstone, continues to provide unit-linked life insurance coverage and associated wealth administration services in Europe, Asia and Latin America.
The corporate introduced the sale of the U.S. and Bermuda non-public placement life and annuity enterprise in August 2022.
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