Lombard International Group saw assets under administration (AuA) hit €48.4bn ($55.3bn), a record high, in 2019.

This was a 17% increase from the previous year and the rise was attributed to positive net flows and investment performance.

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In addition, new business premiums set another record at €5.7bn, 25% higher than in 2018 thanks to highers sales in the US and Europe.

John Hillman, executive chairman of Lombard International Group, said: “2019 was a record year for Lombard International Group. We continued the expansion of our global capabilities, especially in the international wealth hubs of Switzerland, London, New York, Hong Kong and Singapore. These epicentres of HNW capital flows remain pivotal to our business growth. We remain committed to developing and investing in the best talent globally, and to deepening relationships with key strategic partners across the globe to reinforce our leadership position.

“As the Group continues to grow and evolve, I am pleased to welcome Stuart Parkinson, who will join us on 1 April 2020, as Group Chief Executive Officer. With 27 years of international experience in banking and financial services, Stuart has deep expertise in building and managing diverse teams and bringing resources together across multiple geographies to enhance propositions to best serve clients. He will bring great energy and fresh thinking as we continue to expand our distribution footprint internationally.”

Lombard International working worldwide in 2019

According to the firm, Lombard International continued to expand its worldwide operations in 2019.

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In Europe, the company recorded 24% ear-on-year growth in new business inflows. LIA Wealth Advisers was also established in the UK in order to continue business despite Brexit negotiations.

The US arm delivered 27% year-on-year growth in new business premium income. In addition, it invested in enhancing its partnership model, leveraging its unique technical expertise and flexible operating capabilities.

Emerging markets are of distinct growth opportunity for the Group as it continues to grow its position in Asia. Latin America also had a good year for Lombard International.