Blackstone Mulls Possible Lombard International Deal - Report

Tom Burroughes

14 December 2020

has started to examine a possible sale of the wealth management business, a media report said.

According to Sky News, Blackstone is working with advisors at Bank of America Merrill Lynch on a possible sale, after unsolicited expressions of interest.

This news service has contacted Blackstone and Lombard International about the matter and may update in due course.

Lombard International, which operates in a number of regions, is one of the most prominent providers of insurance-based wealth management structures and solutions such as private placement life insurance.

The report said that the firm had more than €47 billion ($61.9 billion) in assets under administration at the end of June.

Blackstone bought Lombard in 2014 from Friends Provident for about €400 million.

The Sky News story said that Blackstone declined to comment.