Bank Lombard Odier & Co

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Bank Lombard Odier & Co Ltd
Corporate partnership (société en commandite par actions)
Industry Private banking
Founded 1796; 222 years ago (1796)
Founder Henri Hentsch
Headquarters Geneva, Switzerland
Key people
Patrick Odier, Christophe Hentsch, Hubert Keller, Frédéric Rochat, Hugo Bäziger, Denis Pittet and Annika Falkengren.[1]
AUM CHF 233 billion
Number of employees
2'250 (2016)
Website www.lombardodier.com

Founded in 1796, Lombard Odier is one of the largest private banks in Switzerland and Europe.[2] The Lombard Odier Group is an independent banking group offering wealth and asset management services to private and institutional clients. Headquartered in Geneva, it has 27 offices in 20 jurisdictions and employs some 2,400 people. As at 1 January 2018, the Group had seven Managing Partners: Patrick Odier, Senior Managing Partner, Christophe Hentsch, Hubert Keller, Frédéric Rochat, Hugo Bäziger, Denis Pittet and Annika Falkengren.[1]

Key Dates[edit]

  • 1796 : Foundation of Hy Hentsch & Cie by Henri Hentsch[3]
  • 1798 : Creation of the bank Henri Hentsch & Lombard by Henri Hentsch and Jean Gédéon Lombard
  • 1800 : Financiers of the mining industry
  • 1857 : Co-foundation of the Geneva Stock Exchange (20 years before the Zurich Stock Exchange)
  • 1872 : Foundation by James Odier and Jules Darier-Rey of the first life insurance company in Geneva
  • 1880 : Involvement in the funding of the Swiss rail network
  • 1907 : Co-foundation of the Swiss National Bank
  • 1910 : Implementation of a pension fund for the firm's employees
  • 1950 : Pioneers in the creation and distribution of investment funds in Europe
  • 1951 : First private bank to set up an office abroad (office opened in Montreal)
  • 1957 : Installation of the firm's first IT system
  • 1979 : First European bank with a seat on the New York Stock Exchange
  • 1993 : Involvement in the implementation of the Swiss Electronic Stock Exchange
  • 1995 : Launch of first sectoral fund in collaboration with scientific experts
  • 2002 : Establishment of Lombard Odier Darier Hentsch & Cie
  • 2009 : Creation of the Lombard Odier brand
  • 2011 : New company name: Lombard Odier & Co
  • 2014 : The bank becomes Lombard Odier & Co Ltd, a corporate partnership (société en commandite par actions)

Governance[edit]

Recent history and achievements[edit]

Lombard Odier was founded in 1796 in Geneva, where it has its headquarters. The bank, which has been a family business for seven generations, is run by its partners. They are both owners and managers, and they are equally involved in strategy and management as well as client services.

The Lombard Odier Group is entirely owned by its managing partners. They are both owners and managers of the Group, and are equally involved in strategy, management and client services. In 2002, with the appointment of Anne-Marie de Weck as a managing partner, Lombard Odier became the first bank in French-speaking Switzerland with a woman in this role. She retired at the end of 2016 after 20 years of service, but is still involved in the group's business as a member of the bank's board of directors in Switzerland. Anne-Marie de Weck received the special award of "Leading Individual Banker" at the Swiss WealthBriefing Awards in 2017[4]. After her departure, Annika Falkengren, former Chief Executive Officer of Skandinaviska Enskilda Banken (SEB), joined the Managing Partners of the Geneva-based bank in July 2017. In 2008, she was ranked sebenth most powerful businesswoman in the world and no. 2 in Europe, by Forbes magazine.

After retiring as a managing partner of Lombard Odier on 31 December 2014, Thierry Lombard, along with his son Alexis, joined private bank Landolt in Lausanne. In an article published in Bilan.ch in May 2016, Patrick Odier, senior managing partner, explained that "this departure is part of our traditional succession planning, whereby each partner retires at 65, but there is no change to the name of the bank or its real estate." He added that "no one has ever had an automatic right to become a Managing Partner because of their name."[5]

In 2002, Lombard Odier & Cie and Darier Hentsch & Cie merged to form private bank Lombard Odier Darier Hentsch & Cie[6]. In 2014, the bank changed its status from that of a simple limited partnership to a corporate partnership, thereby becoming the holding structure of the bank in Geneva and the other operational entities[7]. Following its change of status, the bank published its results for the first time in its history. Since then, it has published its half-yearly and annual reports every year[8]. In its press release of 30 August 2017, the Lombard Odier Group announced total client assets of CHF 242 billion in the first half of 2017, including managed assets of CHF 164 billion.

In 2018, the Lombard Odier Group will celebrate its 222nd anniversary[9], and in 2021, it is due to move its global headquarters to Bellevue, a unique site located on the right bank of Lake Geneva, at the eastern end of the canton[10].

Lombard Odier's Champ-du-Château building project will also include four buildings comprising accommodation and offices situated on a plot of land covering 27,400 m2. The purchase price of this plot of land was CHF 49 million, corresponding to a cost of CHF 1,788 per square metre. The future nerve centre of the bank will showcase contemporary architecture, selected in an architectural design competition for internationally renowned architects, which was won by Swiss firm of architects Herzog & de Meuron, based in Basel[11]

Activities[edit]

The Lombard Odier Group is structured around three areas of activity :

Private clients[2]
Lombard Odier offers its private clients a range of wealth management solutions such as portfolio management under a discretionary or advisory mandate, succession planning, tax reporting, or custody services.

Asset management unit[12]
Through its LOIM (Lombard Odier Investment Managers) branch, Lombard Odier offers its clients risk-based asset allocation, themed equity investments, convertible bonds, and absolute return strategies.

Technology and banking services
Lombard Odier provides clients of banking and technology services with access to its IT and operational infrastructure, as well as global custody and reporting services.

Rethink Everything advertising campaign[13]

Awards[14]

Lombard Odier has received many awards for its expertise, including, most recently:

• Best Domestic Private Bank and Best Innovative Client Solution, Swiss WealthBriefing Awards 2016

• Best HNW Team Swiss Domestic Clients, Swiss WealthBriefing Awards 2017

• Best Customer-Facing Digital Capabilities and Best Marketing/PR Campaign, European WealthBriefing Awards 2017

• Private Bank of the Year-Boutique, CityWealth Magic Circle Awards 2017

• Western Europe's Best bank for Wealth Management for 2017, Euromoney Awards for Excellence

• Best Private Bank for Socially Responsible and Impact Investing, Banker/Professional Wealth Management Global Private Banking Awards 2017

Key figures[edit]

  • Total client assets: CHF 233 billion[15]
  • Fitch rating: AA- Ratio CET1 at 25.7% according to Basel III [16]

Other[edit]

As a family-run business, the bank is actively committed to the promotion, study and development of the family business model. In addition, through the Fondation Lombard Odier, the firm supports numerous philanthropic activities in the fields of innovation, entrepreneurship and the training of young people.[17]

See also[edit]

References[edit]

  1. ^ a b "la maison". lombardodier.com.
  2. ^ a b Cross Systems. "Bank Lombard Odier & Co Ltd - SPBA". abps.ch.
  3. ^ "Lombard Odier - Key dates". lombardodier.com.
  4. ^ "WealthBriefing Swiss Awards 2017 - Clearview Publishing". Clearview Publishing. Retrieved 2018-04-18.
  5. ^ "La famille Lombard plus associée à Lombard Odier". tdg.ch/. Retrieved 2018-04-18.
  6. ^ "Darier Hentsch et Lombard Odier : la fusion". SWI swissinfo.ch (in French). Retrieved 2018-04-18.
  7. ^ "Pictet et Lombard Odier ne seront plus de pures banques privées - Actualités Asset Management". L'AGEFI (in French). 2013-02-06. Retrieved 2018-04-18.
  8. ^ Affolter, Christian. "Progrès dans les trois lignes de métier". www.agefi.com (in French). Retrieved 2018-04-18.
  9. ^ "Communiqué de presse" (PDF).
  10. ^ Rossier, Par Roland (2017-04-26). "Lombard Odier va se déployer à Bellevue". 24Heures, 24heures, VQH (in French). ISSN 1424-4039. Retrieved 2018-04-18.
  11. ^ "Herzog & de Meuron jouent la transparence". Le Temps (in French). Retrieved 2018-04-18.
  12. ^ Ludovic Goix. "Le Groupe Lombard Odier publie ses résultats pour le 1er semestre 2014". lelezard.com.
  13. ^ "Nouvelle campagne de publicité pour Lombard Odier". Finance Corner (in French). 2016-09-22. Retrieved 2018-04-18.
  14. ^ "WealthBriefing European Awards 2017 - Clearview Publishing". Clearview Publishing. Retrieved 2018-04-18.
  15. ^ "About Lombard Odier". lombardodier.com.
  16. ^ "The Lombard Odier Group reports 2014 results". lombardodier.com.
  17. ^ "Die Lombard Odier Gruppe veröffentlicht die Ergebnisse für das 1. Halbjahr 2014". presseportal.de.