A Genevan private bank is launching a Philippine fund, together with a domestic bank. The move is one of the first efforts from the tie-up agree last year to target onshore wealth in the Philippines.
Lombard Odier said it and partner UnionBank have launched their first fund in the Philippines. The fund will use risk-based methodology to enable wealthy clients to limit volatility in their portfolios.
The two partnered last year, part of the Swiss private bank's efforts under Asia head Vincent Magnenat to clinch alliances in order to bulk up in Asia.
Lombard Odier also cooperates with Kasikornbank in Thailand and has struck partnerships in Japan, Australia and South Korea.
US$ Investments
As in Thailand and other Asia countries, wealthy clientele don't have an array of products that is customary in Hong Kong or Singapore.
«Given limited access in the Philippines to U.S. dollar investment funds, this new fund represents a viable investment option for private clients looking to preserve and growth their wealth for current and future generations,» said UnionBank's Robert Ramos.
Growth by Alliance
Under its agreement with the Swiss bank, Lombard Odier customizes investment funds for UnionBank’s private clients while also helping the Philippine bank to develop its own private banking activities.
Lombard Odier recently restaffed its «partnerships» with Emmanuel Roulin, a French banker in Singapore. The bank has used partnerships as a way into markets to chooses not to build up a presence in. The bank has Asian offices in Singapore, Hong Kong and Tokyo.
