Lombard Odier recorded a 8% rise in assets under management from end of 2023 to H1 2024 to hit CHF209bn.
The rise was attributed to positive market and currency events. Overall, total client assets stood at CHF318bn at H1 2024 for Lombard Odier from CHF296bn at the end of 2023.
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However, first half revenues dropped 6% year-on-year to CHF665m due to a 30% decline in net interest income.
In addition, first half net profits were CHF115m, down 15% year-on-year.
Furthermore, Lombard Odier remains focused on delivering organic growth through its Wealth and Asset Management businesses. Its expertise in sustainable investing is being recognised by clients, as evidenced by its appointment by Nest, the UK’s largest workplace pension scheme, to build and manage a mandate of $6bn by 2030 that invests in global equities that are well positioned for the transition to a Net Zero, Nature Positive, and Socially Fairer economy.
Hubert Keller, senior managing partner, said: “What matters to us, as an investment firm, is to deliver solid performance for our clients in the face of markets that are increasingly uncertain. We have achieved this objective in the first half of the year and will continue to work hard to deliver results over the long term.
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By GlobalData“We are now two thirds of the way into our current investment cycle, which will allow us to improve the efficiency of our overall business and deliver growth. It will also see us move into our new, landmark headquarters in Geneva.”
Lombard Odier moves in H1 2024
Alexandre Zeller has decided to retire as managing partner of Lombard Odier at the end of 2024. He joined the group as managing partner in 2019 and will become a non-executive board member of Banque Lombard Odier & Cie.
Xavier Bonna will become a managing partner of the Lombard Odier Group on 1 January 2025. With extensive experience in private banking and investment management, Xavier Bonna joined Lombard Odier in 2016. He has since held various senior roles in the Private Clients division, mostly active in serving the Bank’s large client relationships.
Hubert Keller stated: “As the generational transition of our Partnership continues, we would like to thank Alexandre Zeller for his outstanding contribution to Lombard Odier. His experience and leadership have been a great asset to our Firm, and we are pleased to see him join our board.
“We look forward to welcoming Xavier Bonna as we build our next generation of Managing Partners. His passion for investments, leadership skills and dedication to clients underline what we stand for as a Bank.”
