Resolution (RSL), a Guernsey-based investment firm and parent company of Friends Life, is currently in discussions to sell its Lombard wealth management division.
Luxemburg-based Lombard is a provider of unit-linked life assurance, which offers wealth planning solutions to consumers.
The division offers its services in collaboration with a distribution network of private banks, wealth managers and independent financial advisers.
The Lombard division contains Lombard International Assurance and Insurance Development Holdings.
The division was first purchased by Friends Life’s predecessor, Friends Provident, for 265 million (US$356 million) in 2004 to boost life insurance revenue from wealthy clients.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe current discussions may or may not lead to a sale, said the firm, which did not reveal the potential buyer.
Earlier in 2008, Friends Provident held discussions with London-based private-equity firm CVC Capital Partners to sell the division, which failed.