ACE Ltd. has invested in new investment bank Integrated Finance Limited that will specialise in offering strategic financial advice and integrated solutions to investors.

In connection with the investment, IFL chairman Roberto Mendoza has resigned from the ACE board of directors.

"ACE will use its investment in IFL to enhance its ability to provide a broad range of risk-transfer services to current and prospective clients. This represents a high growth and value opportunity for ACE, given the current convergence of banking, insurance and securities markets."

ACE chairman Brian Duperreault, ACE chief operating officer Dominic Frederico and ACE Asset Management president Timothy Boroughs will serve on the IFL board.

IFL will be based in New York, with offices in London and Tokyo.

Mr. Mendoza, formerly the vice chairman of JP Morgan, has been a director of ACE since November, 1999 and previously served as a director of ACE from 1985 to 1996.