He's a top manager of a bank in Germany. Very excited about the concept of Bitcoin for political reasons, and wanted to make a long-term investment in it, but didn't have a first-hand experience with the exchanges, wallets etc. Asked me to help with the technical stuff.
So, signed-up on several major exchanges, waited for the dip (the current one), and bought the coins. We also bought a few anonymous coins (p2p), just in case.
To diversify, invested about 10% of it in some other promising crypto.
For the long-term storage, we distributed the coins among several hardware wallets (from 2 different companies) and several paper wallets.
I advised him to ignore the crazy price fluctuations and the regular shitstorms around Bitcoin, and basically forget about Bitcoin for the next 5 years.
If you're interesting in doing the same thing, but don't know how, I'll try to answer your questions in the comments.