Lombard Odier to service SA clients

Switzerland-based private bank Lombard Odier is expanding its services to the SA market, targeting clients looking to diversify their portfolios offshore.

Switzerland-based private bank Lombard Odier is expanding its services to the SA market, targeting clients looking to diversify their portfolios offshore.

The 220-year-old bank will provide advisory and related services to the country’s high net-worth clients.

Lombard Odier established a representative office in SA in June 2017 and was recently awarded a category one licence from the industry regulator, the Financial Sector Conduct Authority, which will enable it to provide advisory services.

“The bank is run by entrepreneurs and we have identified three perquisites for entering a new market,” said Martine Steinegger Allocca, a bank senior vice-president.

“This includes having a client base in the market, as well as being able to provide expertise at a level commensurate with our reputation. Finally, the market we enter needs to be wellregulated, and that is certainly the impression we have of the South African market.”

The bank focuses on investment advisory, execution and fiduciary services as opposed to more conventional private client activities, such as transactional banking and lending.

It oversees client assets that exceed Sf233bn across three spheres of engagement: execution only, advisory, and discretionary investment portfolios. Each client in SA will have access to a dedicated investment adviser based in Geneva.

Lombard Odier began its international expansion in 1951 when it established a presence in Montreal, Canada. It now has 26 offices in more than 20 countries. The bank has an AArating, in part because it has survived 40 financial crises’ over the past 200 years.

Lombard Odier does not have any set requirements regarding profile or minimum criteria. Instead, the bank chooses to evaluate clients on a case-by-case basis, and intends to continue to grow in a measured way.