Not just content with buying a wealth management business, alternatives investment powerhouse , the firm that provides services such as wealth management products, from its parent, UK-based Friends Life Group, for €399 million ($542.7 million). The sale follows media speculation earlier this year that a deal was in the works. Lombard is headquartered in Luxembourg. The sale is subject to regulatory approvals and completion is expected in the second half of 2014. Lombard does considerable business in regions such as Asia.

The Lombard business focuses on areas such as wealth planning solutions for ultra high net worth individuals, in areas such as private placement life insurance, an area of continued growth and development in the wealth management sector. As explained on its website, the business “pioneered private bancassurance solutions that use life assurance as a sophisticated financial planning tool incorporating the invaluable benefit of Luxembourg’s solid insurance policyholder protection regime”. The business doesn’t directly market to end-clients but works with private banks and other intermediaries.