The inclusion of Swedish banker Annika Falkengren as a Lombard Odier partner was seen as a coup. She's leaving Lombard Odier's board of partners. A veteran moves up.
Annika Falkengren leaves Lombard Odier at the end of the year, according to an announcement Tuesday. The former head of Swedish bank SEB became a partner of the Geneva-based banking group in 2017.
She will be succeeded by Alexandre Meyer (pictured below) on January 1, subject to approval by the Swiss Financial Market Supervisory Authority (Finma).
Meyer has been with the group for 25 years, making his mark in the fund business of Lombard Odier Investment Managers (LOIM). Senior managing partner Hubert Keller also comes from Asset Management.
(Image: Lombard Odier)
In the Spotlight With «1Roof»
Falkengren is said to have requested the departure, apparently wanting to become involved on boards. Before joining Lombard Odier, she served on the supervisory boards of Securitas, Munich Re, Scania, and Volkswagen. Board memberships aren't compatible with operational activities at Lombard Odier.
She streamlined back office operations and was responsible for the «1Roof» project of the new Geneva headquarters where nearly 2,000 employees are to be brought together in a new building designed by Herzog & de Meuron, with inauguration slated for early 2024.
Shares will be Passed on
At 61, Falkengren is nearing the age limit for managing partners at the banking group. An extension beyond 65 requires the unanimous permission of the board, which may also have influenced her decision to take on something new.
The financial transition of her departure is likely to be smooth. The total number of partner shares will remain the same, as new partners take over the ones of those who leaving. Given the large commitment, the amount is usually advanced by the company and repaid from the salary of the newly minted partner.
