Could more of Hong Kong’s wealth be going to Switzerland than Singapore

Swiss bank Lombard Odier saw client assets total CHF290bn ($319bn) at the end of H1 2020. This was a 3% drop from the end of 2019.

However, the bank stated that “net new money flows were strong”.

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Operating income for H1 2020 at Lombard Odier was CHF674m, an increase of 16% year-on-year. This was attributed to net new money flows again, as well as increased client activity in volatile markets.

Furthermore, consolidated net profit was at CHF119m. Also, the balcne sheet for Lombard Odier Group totals CHF20.6bn.

In terms of market outlook, the bank stated: “The first half of 2020 was an unprecedented time for global economies and markets while the rest of the year will undoubtedly remain challenging. Lombard Odier is conscious of the need to manage potential risks, and will remain prudent and agile in the management of clients’ assets.”

“Our strong results reflect the trust our clients place in us, the solidity of our bank and our investment expertise,” said Patrick Odier, senior managing partner.

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“We have systematically sought to position portfolios to shield clients from the worst of the market falls and benefit from the gradual recovery since mid-March. Our sustainability integration enhanced portfolio performance, while we generated significant net new money flows across our businesses, even amid the pandemic.”

In July, Lombard Odier teamed up with Plastic Bank to lead a solution to help prevent ocean plastic pollution.

In addition, it is set to create long-term value for collector communities.

Lombard Odier will fund the collection of over 795 tons of ocean-bound plastic in Haiti. This is the same as over 39 million plastic bottles. As a result, up to 6,000 collectors and family members will be favourably impacted as a first step in a programme to create a positive difference in Haiti and Egypt.

This is the second project of this kind from Lombard Odier following the support given in 2019 to ReforestAction, which helped finance the planting of 20,000 trees in Tanzania and Peru.