The objective of the proposed technical standards is to foster investor protection by enhancing investment firms’ order execution.

ESMA is seeking stakeholder input on the establishment of an investment firm’s order execution policy. This includes the classification of financial instruments in which firms execute client orders and the initial selection of venues for the order execution policy.

It is also looking into the investment firm’s procedures to monitor and regularly assess the effectiveness of its order execution arrangements and order execution policy and the investment firm’s execution of client orders through own account dealing; and on
how an investment firm should deal with client instructions.

ESMA said it will consider all comments received by 16 October 2024.

ESMA will then prepare the final report for subsequent submission of the final draft technical standards to the European Commission.

In a statement on 4 July, Utmost said the acquisition “brings together two large-scale insurance-based wealth solutions businesses, strengthening Utmost’s position in key European markets and providing a strong platform to serve its clients’ long-term financial needs”.

The two businesses had “closely aligned operating models and a shared commitment to serving our clients’ long-term financial needs. By combining the existing distribution partner relationships, deep local market knowledge and a complementary product suite, the Acquisition provides a strong platform for the Group to serve its clients and execute on its strategic ambitions”.

The deal adds £43bn of assets under administration and over 20,000 policies to Utmost International. On a combined basis at YE 2023, Utmost International would have had £100bn of assets under administration and over 210,000 policies, and would have written £6.4bn of new business.

Lombard International will continue to operate from Luxembourg with its existing suite of products. These will be distributed under the Utmost brand by a single combined global salesforce in parallel with Utmost’s existing products, maintaining the combined group’s existing distribution models.

The increased scale achieved through the acquisition will enable the Group to identify opportunities for efficiencies and capital synergies, focusing on leveraging the complementary capabilities of the combined entity to deliver value creation for stakeholders.
– Maintains balance sheet strength, resilience, and flexibility:

On a proforma basis, had the transaction completed on 31 December 2023, the group would have had: An increase in Gross Solvency II EV from £2,386 to £3,150m; A group Solvency Capital Requirement (SCR) Coverage Ratio of 173%, and; A group leverage ratio of 29%, within its 20-30% target range.

The total consideration will be financed through a £200m bank loan, with the remainder covered by existing cash reserves.

Subject to regulatory approvals, the acquisition is expected to complete by the end of 2024.

Paul Thompson (pictured), CEO of Utmost Group said: “The acquisition of Lombard International marks an exciting milestone in Utmost’s journey, fortifying our European position and establishing us as a leading global provider of insurance-based wealth solutions. The combined strength of the merged Utmost International and Lombard International gives added scale to the Group. It will enable us to better serve our expanded international client base and distribution partners, utilising deep market insights, strong technical expertise and a broader portfolio of products.

“The addition of Lombard International is highly complementary to Utmost’s previous transaction – the acquisition of Quilter International completed in November 2021 – which strengthened our presence in the UK and Asia. Lombard International’s  established, long-standing networks in Europe will enhance Utmost’s global credentials and enable us to better serve our clients and partners, delivering long-term value for our people and shareholders.

“I look forward to welcoming Lombard International’s people, clients and partners to Utmost and to working closely with the Lombard International leadership on completing this transaction.”

Member of Ostrum AM’s executive committee and reporting directly to Olivier Houix, CEO, Gaëlle Théaud-Gautheron, as chief operating officer, will be tasked with optimizing the organization and efficiency of key processes supporting Ostrum AM’s asset management activities and client service.

She will also ensure coordination with Natixis Investment Managers teams, as well as all external service providers, and will support commercial and contractual relationships. Finally, she will coordinate Ostrum AM’s transformation initiatives.

Olivier Houix, CEO of Ostrum AM, said: “We are delighted to welcome Gaëlle to Ostrum AM, whose extensive experience in global transformation management will be a valuable asset for Ostrum AM in supporting our development ambitions. Her knowledge of Groupe BPCE and her consulting expertise made her the ideal candidate to optimize and streamline the relationship between Ostrum AM’s teams and our providers within the Group, as well as externally.”

Gaëlle Théaud-Gautheron has over 20 years of expertise in the financial sector: after starting her career in 2000 at consulting firm Bearing Point as a consultant and then manager in the “financial services” practice, she joined Société Générale CIB in 2005; she worked there until 2019, within the Chief Operating Office, and then as the global head of market operations.

She left Société Générale CIB to found Théa Conseil, a consulting firm specializing in business consulting and change management.

In 2021, Gaëlle joined the BPCE Group as Co-Head of Organization and Transformation, and then as Managing Partner – Transformation Management Office at Natixis Global Financial Services.

This milestone enhances Titanbay’s service offerings and operational efficiency, “delivering an unparalleled experience for its clients”, the company said.

In a market increasingly focused on operational efficiency and client experience, the AIFM status allows Titanbay to manage and operate alternative investment funds under the European Union’s Alternative Investment Fund Managers Directive (AIFMD).

This strategic move enables Titanbay to streamline operations, reduce reliance on third-party managers, and maintain greater control over investment and distribution processes. This results in increased efficiency and a faster response to market opportunities.

“Our new AIFM represents a transformative leap forward,” said Ossama Soliman, CEO of Titanbay. “By managing the investment process entirely in-house, we can significantly elevate our clients’ experience.”

Titanbay’s Luxembourg-based SCSp-RAIF serves as an umbrella structure with separate compartments for each feeder, minimising costs and enabling pan-European fund distribution. Each feeder aggregates investments from clients across multiple distribution partners, driving scale and offering lower investment minimums.

“Our rapid growth, launching approximately 15 feeder funds per year, underscores the cost and speed benefits of having an in-house AIFM,” said Soliman.

The AIFM status enables Titanbay to market funds directly across Europe, establish branches, and hire local salespeople, supporting Titanbay’s ambitious European expansion strategy. “By managing private markets end-to-end, we no longer rely on third-party AIFMs,” said Pietro Soldini, CEO of Titanbay Ireland and Manager of the TITANBAY MASTER FUND SCSp-RAIF.

With the introduction of its AIFM, Titanbay revolutionises its investment operations and sets a new standard for customer experience. “Previously, relying on third parties, initiating an investment could take months, limiting agility. Now, with the new AIFM, the process is streamlined to just weeks, enabling Titanbay to capitalise on timely investment prospects.” added Pietro.

“We are ecstatic to announce our AIFM,” added Soliman. “This move underscores our commitment to providing top-tier private market solutions, benefiting our clients with improved compliance, efficiency, and a broader range of investment opportunities.”

The partnership will give clients access to Flagstone’s pioneering deposit platform services – emphasising the value of innovative solutions for wealth management clients.

Jersey-based Flagstone International is revolutionising the way individuals and businesses manage their cash assets by simplifying the process of finding the most competitive savings products.

Offering a web-based platform that connects depositors with licensed deposit-taking institutions, clients can easily browse, compare, and select deposit products from various banks, all in one place.

Inspired by the inefficiencies of traditional banking, Flagstone International aims to provide individuals, businesses and trusts with access to leading market rates, diversified deposit options, and streamlined account management.

Dean Kemble, chief commercial officer at GSB, said: “We are thrilled about this partnership with Flagstone International. Their cutting-edge platform will allow us to provide our clients with unparalleled opportunities to optimise their cash management and achieve their financial goals.

“The difference between the highest and lowest paying deposit rates is significant. Our relationship will provide access for clients to a platform of deposit taking institutions to maximise their cash assets”.

Andrew Thatcher (pictured), chief executive officer at Flagstone International said: “We are looking forward to a long and fruitful relationship with GSB and their customers. This strategic partnership exemplifies our commitment to working with the highest quality financial services companies across the globe.

“The Flagstone International platform will allow GSB’s clients to effortlessly instruct the placement of deposits across multiple products, from a variety of investment grade banks, in several jurisdictions around the world. It provides flexibility and convenience whilst also optimising interest income and effectively diversifying clients cash assets.”

This news follows the recent announcement that GSB has achieved Certified B Corporation (B Corp) status, joining a global community of businesses dedicated to high social and environmental performance standards.