That includes the wealthy clients reaping tax benefits, the sales reps at Lombard and affiliated European banks making commissions, and even Blackstone’s funds, which took on Lombard’s liabilities.“What you’ve got here is your basic Russian doll,” says Nell Minow, vice chair of ValueEdge Advisors and a corporate governance expert. Looking over the paperwork, his bankers at VP Bank AG saw a potential problem: The daughter hadn’t signed the policy.The episode set off alarms inside the German operation of Lombard, a global wealth manager and insurer that’s controlled by Blackstone Group Inc. Lombard International is a leading independent, global wealth solutions provider with deep local market knowledge. We make legacy count. Our measure of success is to see legacy live on. By continuing to use our site, you accept our The good news for Lombard, the official wrote, was that policyholders and their heirs had little incentive to sue the company, because doing so would draw attention to any tax benefits they received or undeclared assets they invested.The author concluded: “It might be unwise to alert policyholders.”Lombard’s executive board was told of the matter. Blackstone’s Tactical Opportunities business employs an opportunistic, multi-asset class investment strategy focused on special situations investments. “It shows how putting so many layers between owners and managers creates many opportunities for obfuscation.”The affected Lombard policies weren’t marketed merely as death payouts. Using them could imply “that both the policyholder and Lombard know that the policy does not entitle the policyholder to the tax benefits he is claiming and this could be deemed tax fraud, in which Lombard is complicit,” an internal memo on PWC’s findings warned.A spokesman for PWC Legal said the firm couldn’t comment on its work for clients.PWC’s findings put Lombard in a precarious position. We structure flexible and effective wealth plans tailored around individuals and their families. Blackstone is one of the world's leading investment firms. Blackstone Group L.P. is one of the world’s leading investment firms with $472 billion in assets under management as at 31 December 2018.

We provide superior customised insurance-based solutions to help individuals and institutions ensure their assets are protected, portable and can be passed onOur people are our business. Funds managed by Blackstone own Lombard International. They determined that the unsigned policies were a problem that could possibly be remedied.There are no indications that Lombard officials told Blackstone about the signature problem. For any press related enquires contact our team. Lombard International is a leading independent, global wealth solutions provider with deep local market knowledge.

Lombard, through a spokesman, said those individuals were in more junior roles at the time and that “key decision makers within the business prior to 2015 no longer work for Lombard International.”By the time the wealthy German client walked into VP Bank in mid-2016, the company had a new owner, a group of Blackstone funds whose investments are overseen by top executives including chairman Stephen Schwarzman, according to regulatory filings. It said that its leadership team was appointed in 2015 and that it learned about the signature issue in 2016. We provide superior customised insurance-based solutions to help individuals and institutions ensure their assets are protected, portable and can be passed on. Lombard International is a leading independent, global wealth solutions provider with deep local market knowledge. There were missing signatures on thousands of other policies, collectively valued at more than $1 billion.What’s more, managers at Lombard had been aware of these unsigned policies a decade earlier. We provide superior customised insurance-based solutions to help individuals and institutions ensure their assets are protected, portable and can be passed on.Welcome to our news page, where find out what is going on with Lombard International and the wider industry. It went along with the memo’s recommendations that the company keep quiet about the unsigned policies and stop writing new policies without the necessary signatures, according to a 2007 email and people familiar with the matter.After the episode at VP Bank, it became clear inside Lombard how big the problem was. Our measure of success is to see legacy live on. The strategy leverages the deep synergies and experience that exist across Blackstone’s leading alternative asset and advisory platform to generate attractive opportunities.Your opinion is important to us. Please note you have navigated to a different area of our website. Not requiring signatures on these policies had become standard practice among sales representatives who said that asking for them had become “a point of resistance” with prospective clients, the unidentified official wrote. Join our team.Your opinion is important to us. We provide superior customised insurance-based solutions to help individuals and institutions ensure their assets are protected, portable and can be passed on. Funds managed by Blackstone own Lombard International. Our measure of success is to see legacy live on.

Our measure of success is to see legacy live on.

So in 2007, after some sales reps questioned the need to remedy the problem, it hired two insurance attorneys from PWC Legal in Frankfurt to assess the legal requirements and issue an opinion.The PWC lawyers came back with bad news for Lombard: The unsigned policies were invalid under German law, according to their written opinion in 2007.Lombard had previously come up with a workaround for gaining the signatures, by sending clients a health questionnaire for the insured parties to sign.Such fixes weren’t adequate, the PWC attorneys warned.

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