Lombard Odier’s client assets fell lower in the first half of 2022 due to poor market performance and the Swiss private bank anticipates even more volatility moving forward.
In the first half of 2022, Lombard Odier’s client assets totalled 310 billion Swiss francs ($322 billion), according to a statement, down 12 percent year-on-year despite positive net new money in its private client and investment management business. Consolidated net profit fell 5 percent to 136 million francs during the period with operating income down 4 percent.
With continued monetary tightening and slower growth in the second half, the Swiss private bank anticipates more market volatility and retains «a cautious outlook and a prudent portfolio positioning».
«During these turbulent markets, the solidity of our business model and our focus on prudently managing our clients’ assets were key, allowing us to attract net new money,» said Lombard Odier senior managing partner Patrick Odier. «As an independent, long-term oriented private bank, we continued to invest in our people, technology and investment expertise, while maintaining close proximity with our clients at all times.»
