Lombard Odier said one of its seven partners will leave the Swiss private bank at year-end. Differing views on strategy and leadership led to the exit.
The Geneva-based private bank said that Hugo Baenziger will leave at year-end after differences in how to lead the bank as well as over its strategy. Baenziger, who joined as a partner four years ago, will maintain ties to Lombard Odier, the bank added, without elaborating.
«Lombard Odier and Hugo Baenziger have decided, by mutual agreement, to bring their partnership to an end due to diverging views on leadership, and implementation of the group strategy,» the bank said in a brief statement.
Latest Turmoil
The move is the latest turbulence to hit the partnership of Lombard Odier, one of Switzerland's largest independent, unlisted private banks. Three years ago, long-time partner Thierry Lombard left the bank and later went on to take a stake in a rival Swiss firm – an unprecedented move for the scion of a Genevan banking dynasty.
Last year, the 222-year-old Lombard Odier rejuvenated with fresh blood from outside of Swiss banking, hiring ex-SEB boss Annika Falkengren as a partner. Falkengren, who is in charge of finance, will take on Baenziger's duties, a spokesman for Lombard Odier said.
Unwieldy Fit
From the beginning, Baenziger's brash investment banking ways were an unwieldy fit at the discrete and consensus-minded Genevan firm, according to Lombard Odier bankers. At Deutsche Bank, Baenziger was risk boss to CEO Josef Ackermann, who has increasingly come under fire for his ten-year tenure at the German lender.
Baenziger was one of several new partners brought into Lombard Odier following the retirement of long-time private banking head Anne-Marie de Weck in 2015 and the departure of Lombard. Dennis Pittet, a lawyer and Lombard Odier veteran, was elevated to partner alongside Falkengren's appointment last year.
Continued Focus on Asia
Asia is a key strategic growth market for the Swiss bank, and Magnenat will continue to be based in the region, as reported by finews.asia. Magnenat is one of 19 partners nestled just beneath the seven managing partners under Patrick Odier who run Lombard Odier.
