HNWI wealth structuring provider Lombard International and Mexico-based wealth management firm Akaan are set to create a new life assurance company in Mexico.

The new company, Akaan Lombard International, will be based in Santa Fe, Mexico City, and will manufacture and distribute wealth-structuring solutions using unit-linked life assurance to HNWIs and families in Mexico, as well as Mexicans expats.

The equal joint venture is expected to be launched later in the year, subject to regulatory approval.

John Hillman, Lombard International’s executive chairman, said: “These are exciting times, this joint venture creates a compelling opportunity, underlines our commitment to Latin America and supports our global strategy, following record growth in 2016.

“Akaan has an excellent reputation in Mexico and we are pleased to bring our technical expertise and innovative solutions to the joint venture to serve the needs of high net worth individuals and their families in Mexico and beyond.

“As individuals live longer, increasingly global lives and the geopolitical landscape becomes ever more complex, developing flexible, long-term wealth structuring solutions has never been more important.”

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Akaan’s chairman and founder, Fernando Quiroz, added: “We are delighted to be working with Lombard International. This joint venture is in line with our strategy to partner with world class firms in order to bring best in class financial solutions to the Mexican market.”

The new partnership with Lombard International follows the recent approval of Akaan Transamerica, a new asset management firm in Mexico, and Akaan’s recent acquisition of Itau BBA Casa de Bolsa.