Geneva-based Lombard Odier booked significant profits last year while creating new jobs, and maintains «constructive» it its 2022 outlook. 

Lombard Odier saw its net profit increase by a third to 270 million Swiss francs ($295 million) last year. The private bank, which does not release detailed financial information, nevertheless reported its assets under management expanded 13 percent to 358 billion francs while attracting 15 billion francs in new assets.

Power Sharing

In the coming months, two partners of Lombard Odier will now effectively share the top position.

It was «a very positive year,» said Senior Partner Patrick Odier, in an interview with finews.ch. Odier will serve in his current role with Hubert Keller, with both partners functioning as co-leaders of the bank until the beginning of 2023 when Keller becomes the sole Senior Partner.

The men who have been working together as partners for over 16 years, appear to be singing from the same song sheet when saying there is no friction between them, and the dual roles will ensure a smooth transition. 

Outlook

While last year was a very good one for the bank, it is taking a «constructive» view for the beginning of this year. 

Odier explains that while trade and corporate figures are robust, and while he does not expect unduly fast interest rate increases, there are nevertheless cautionary signs ahead and developments beyond the control of the partners. 

Not only is there the situation in Ukraine, but also the collateral damage from the «Suisse Secrets» leaks, although he stresses the revelations by no means reflect the banking industry as a whole. 

In fact Odier, who for years chaired the Swiss Bankers Association, believes banking has made significant progress on quality and transparency over the past decade, with these perceptions being shared worldwide. Still, the simple fact there has been another leak is something he sees as «particularly problematic.»

Expansion

The firm created around 100 new jobs last year, with a view to Zurich where it hired new client advisors. Moreover, the firm expanded its research department with a particular focus on sustainability, where some 68 percent of the banks' private assets are managed under such mandates. 

In this way the bank is implementing its sustainability convictions directly in the portfolio, Odier explains.

«Thus, risks are reduced and returns are optimized.»