Friends Life Group announces the following senior management changes at Lombard International Assurance SA (Lombard), its Luxembourg based wealth management business, a pre-eminent provider of wealth planning solutions to high net worth individuals, mainly in Europe.
John Stone, Chairman of Lombard, has decided to retire with effect from mid February in order to focus his energies on his charitable foundation (www.thesff.com/). Norbert Becker, currently a non-executive director of Lombard, will become Chairman.
David Steinegger, Chief Executive of Lombard, has also announced his intention to resign to pursue other business interests and will leave the company in May. He will be replaced as Chief Executive by Matt Moran who has been Chief Financial Officer of Lombard since December 2009. Matt Moran will take up the role after a short handover period.
John Stone was the founder of Lombard and has been Chairman since the company was established in 1991. David Steinegger has been Chief Executive of Lombard since 2001. Together they have steered the company through its acquisition by Friends Provident in 2005 to its current position.
Norbert Becker has been a non-executive director of Lombard since July 2009. He has significant expertise in financial services and business in general through roles with Andersen, Ernst & Young and Edmond de Rothschild Group. He is the founding Chairman of Compagnie de Banque de Priveé Quilvest and Atoz, a high end tax advisory and corporate finance firm. He is a director of BIP Investment Partners and Paypal and is a Luxembourg resident.
Sir Malcolm Williamson, Chairman of Friends Life Group, Lombard's parent company said:
"John Stone and David Steinegger have done a fantastic job in building Lombard into the leading pan-European wealth management business and a key part of Friends Life Group's international business. I thank them both for their contributions and wish them every success with their future ventures."
Sir Malcolm commented on Norbert Becker's and Matt Moran's appointments:
"Norbert Becker and Matt Moran have both been with Lombard since 2009 and have been a key part of our leadership succession planning. Norbert Becker is a major global business figure whose significant background in financial and business markets will complement Matt Moran's international experience and skills. Together they will continue to drive Lombard's growth strategy through the tough markets of today and to a successful long term future. I am delighted they have accepted these roles."
Lombard is headquartered in Luxembourg and employs more than 400 staff. The company has achieved strong compound annual growth over the last 10 years and in its last annual results, total funds under management were just under 20 billion euros.
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