Lombard Odier has cooperated with one of the largest banks in the Philippines to co-create onshore funds for the Manila headquartered institution's private clients.
Swiss private bank Lombard Odier (LO) and UnionBank of the Philippines (UB) have co-created two funds approved by the Bangko Sentral ng Pilipinas, the Philippine’s banking regulator, specifically to manage the liquid assets of private clients who bank with UB, the banks said in a media release.
The Geneva headquartered private bank forged a strategic alliance with UB in August 2016 to grant onshore UB clients access to LO's globally diversified, risk-based investment solutions.
The two banks will co-manage the risk-based funds as the core investment vehicle for private-banking clients in the Philippines. The onshore funds will enable clients of UB to grow and preserve the liquid portion of their assets.
Asian Growth By Alliance
«By co-developing and co-managing these funds, UnionBank’s clients will be able to invest globally onshore and draw on best-in-class global investment solutions for the first time,» said Vincent Magnenat, Head of Private Banking Asia at Lombard Odier.
Lombard Odier’s partnership in the Philippines is one in a series of strategic alliances forged in Asia since 2012 in order to enlarge the wealth manager’s networks and client base in the region.
These include a partnership with Kasikornbank in Thailand and partnerships in Japan, Australia and South Korea. Lombard Odier is still run by seventh-generation members of the Group’s founding families.
