Lombard Odier has reported assets under management of CHF215bn at the end of 2024, 12% up year-on-year.
The rise was attributed to positive net new money and strong investment performance. Overall, Lombard Odier Group had total client assets of CHF327bn compared to CHF296bn at the end of 2024, an 11% increase year-on-year.
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Full-year operating income totalled CHF1,337m, down 5% year-on-year, largely driven by a 33% decline in net interest income, reflecting the decrease in the interest rate environment and increase in cost of deposits.
Furthermore, operating expenses remained steady at CHF1,112m, while the group continued its significant investment programme in infrastructure and talent, and is incurring additional costs linked to the upcoming move to its new headquarters. Full-year net profit was CHF179m, down 19% year-on-year.
Hubert Keller, senior managing partner, commented, “As an investment firm, we’ve delivered best-in-class performance for our clients in the face of volatile and increasingly concentrated markets. As we head into another year with multiple geopolitical and economic challenges, we continue to remain close to our clients as a highly stable provider of bespoke investment solutions and advice.
“We remain focused on delivering organic growth through our Wealth and Asset Management businesses, while our current investment cycle, which is nearing a close, provides a basis for more operational leverage.
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By GlobalData“This year we also look forward to welcoming clients to our new landmark headquarters in Geneva.”
In October 2024, Mark Goddard was appointed as the UK chief executive officer of Swiss worldwide wealth manager Bank Lombard Odier & Co, effective 26 November 2024.
He will be located in London and will report to Stephane Herrmann, CEO of Lombard Odier (Europe) S.A., and Duncan MacIntyre, limited partner, and head of the UK region.
Goddard’s responsibilities will include managing the bank’s private client division’s London office, supervising its staff of bankers and investment professionals, and advancing Lombard Odier’s solid expansion trajectory in this crucial market.
