GPE’s wealth protection, investment planning and employee benefits business will be combined with Utmost’s existing international savings, protection and investment solutions offering. Soon after completion GPE will be renamed Utmost PanEurope and will adopt the Utmost Wealth Solutions branding.
Utmost Wealth Solutions and GPE are highly complementary businesses:
• They share a common product suite and are focussed on the same market segments
• The combination of GPE’s strength in Continental Europe together with Utmost’s presence in the UK and Asia will create a broadly-based offering to clients and advisors around the world
• The combined business will have in excess of €24 billion of client assets and significant operations in Ireland and the Isle of Man
• An enhanced distribution network will serve High and Ultra High Net Worth, affluent and retail wealth management clients through IFAs, Multi-tied agents, Private Banks, Asset Managers and Family Offices
• This increased scale will help secure the broadest range of products and investment solutions for our clients while maintaining the highest standards of service
• Corporate risk clients will continue to be serviced by specialist Employee Benefits brokers together with the support from the Generali Employee Benefits (GEB). GPE will continue to be the exclusive partner of GEB (largest EB network for pooling & captive solutions) in Ireland.
Paul Thompson, Group Chief Executive of LCCG, said: “We are very pleased to have reached an agreement to acquire Generali PanEurope. It is a highly complementary business to our existing Utmost Wealth Solutions business and demonstrates our commitment to the International life market. The combined business will be a formidable force in the European market for specialist cross border wealth management solutions. It also broadens our product offering in Ireland and across Europe to include Employee Benefits.”
Paul Gillett, CEO of GPE, said: “We are very proud of our performance in Ireland over the last 20 years and have grown into one of the largest international companies in Ireland with assets under management of over €10 billion. The sale of the business to LCCG marks a very important step in our future development. Together, we represent one of the leading European providers of cross border wealth and corporate risk solutions with the potential to grow further across both current and new markets.”
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