Resolution In Talks to Sell its Lombard Wealth Management UnitSarah Jones
Resolution Ltd., the British insurance buyout firm and parent company of Friends Life, is in discussions to sell Lombard, its European wealth manager.
There’s no certainty that talks will lead to a transaction, the company said in a statement today. Friends Life’s predecessor, Friends Provident, acquired Lombard for 265 million euros ($356 million) in 2004 to expand internationally and boost life insurance revenue from wealthy clients.
“A further announcement will be made as and when appropriate,” Resolution said in the statement. A spokesman for Resolution declined to comment beyond the statement.
Friends Provident scrapped plans to sell Lombard in 2008 after a 10-month search failed to find a buyer. London-based private-equity firm CVC Capital Partners Ltd. had been in talks at the time to buy Lombard.
Barclays Plc is advising Resolution on the sale, according to Sky News, which reported the talks earlier today.