Vincent Magnenat: «We Want to Challenge the Client»

«In many countries, clients have limited access to global markets»

As Asia’s wealth continues to grow, we are seeing a very clear upward trajectory in the demand and appetite for tailored wealth management and family office services from both private clients and sophisticated institutional investors.

In many countries where capital remains onshore with local banks, clients have limited access to global markets. They might also not know the right people to manage their wealth. We have forged strategic partnerships with Thailand’s Kasikornbank, UnionBank in the Philippines and Bank Mandiri in Indonesia and expect more such collaboration with other partners, representing shared values, in time to come.

Could you quantify the benefit of such regional partnerships?

Given rapid shifts in the regulatory landscape, we see a bright future for private clients staying onshore as they manage their wealth.

«Recruitment of relationship managers remains a challenge, and takes time»

A new era of transparency in Asian wealth management has emerged with the current regulatory environment pushing in favour of onshore activities. As such I am quite sure that in a few years, these partnerships will represent 20 to 25 percent of our revenue in Asia.

Are you able to recruit the talent you would like for Lombard Odier?

Recruitment of relationship managers remains a challenge, and takes time. Because of our efforts to grow the business in the region, we are beginning to attract more senior relationship managers. Technology is changing everything here, too, which affects the new generation of RMs in private banks.

What would be a realistic hiring target?

If a bank like Lombard Odier can increase its headcount over the next two years by 10 to 20 outstanding relationship managers in the region, I will be very happy!

What values does somebody need to be part of Lombard Odier?

You can’t join Lombard Odier without knowing what the bank stands for and without sharing our values. That is why our hiring process takes quite a lot of time. Actually, you need passion for what we are doing, and you must be completely aligned with that. New hires should also bring in a network of clients and prospects. That’s why we are looking more at senior bankers.

«I prefer to call such people wealth challengers»

This means experienced people who have been working in fields like foreign exchange trading or stock picking. They also should be convinced that the value they bring in is put to best use by Lombard Odier. I prefer to call such people «wealth challengers», in the sense that we want to challenge the client on how he or she is going to structure their wealth and how they like to have their money managed by us.

Vincent Magnenat, based in Singapore, has been named limited partner and CEO in Asia of the Lombard Odier Group last February. Prior to joining the Geneva-based wealth manager in 2012, the Swiss-born banker spent nearly nine years at French bank Société Générale. He began his career in international private banking at Credit Suisse in Switzerland and relocated in 2002 to Singapore. He has worked and lived in Hong Kong and Singapore for 16 years.

This is the first installment of finews.asia's interview with Vincent Magnenat. In coming days, finews.asia will publish a second instalment.