Swiss private bank Lombard Odier has agreed a partnership with a Philippine bank to offer a new global fund to upscale clients.
Union Bank of the Philippines has teamed up with Swiss private bank Lombard Odier, a leading global wealth and asset manager, to offer a new global fund to upscale clients, according to reports on Thursday.
«The agreement will see the launch of a global and diversified multi-asset fund with a risk profile matching Union Bank’s specific needs for its high net worth and ultra high networth clients,» Union Bank senior vice president, general counsel and corporate secretary Joselito Banaag told the Philippine Stock Exchange.
Assessing Risk Appetite
The deal is in line with Union Bank’s plan to offer a more customized wealth management. The company intends to be more pro-active in offering a kind of wealth management that is focused more on risk and on creating more certainty for returns – in other words managing the volatility of the asset classes. This is based on its assessment that many of its clients now are looking for not simply yield but for protection of their assets across generations.
Instead of selling or pushing products down the throat of valued clients, the bank seeks to assess their risk appetite and match what they need based on their risk appetite.
Founded Centuries Ago
Union Bank, which heavily profited from foreign exchange and securities trading in the past, has refocused its business to rely more on businesses that are less vulnerable to financial market volatility.
Lombard Odier, which was founded in 1796 in Geneva, Switzerland, had $224 billion of client assets as of end 2015.
