Lombard Odier registered stable net profits and assets under management in the first half of 2023. Like other rivals, it also expects to benefit from talent outflows at Credit Suisse.
Lombard Odier recorded a stable net profit of 135 million Swiss francs ($153 million) in the first half of 2023, according to the bank's results, with higher operating income up 2 percent to 704 million francs.
Assets under management from both Lombard Odier's private banking and asset management arms were also stable, increasing 4 percent to 198 billion francs with «solid inflows» offset by negative currency effects. The group's total client assets reached 308 billion francs.
Credit Suisse Talent
According to senior managing partner Hubert Keller, Lombard Odier, like other industry rivals, has also recruited bankers leaving Credit Suisse. Overall, the group plans to hire 30 to 50 client advisors in wealth management annually with ex-Credit Suisse executives accounting for less than half.
«We've hired Credit Suisse talent in the past,» Keller said to finews.asia, adding that it is a brand that the industry is been happy to draw on.
Lombard Odier is also adding staff in asset management with a focus on a holistiQ, a joint venture specializing in sustainable investments.
