Lombard Odier and with KBL European Private Bankers (KBL epb) have signed a partnership agreement to aid KBL epb’s IT and operations activities.
Luxembourg-headquartered KBL epb is to become a new client of Lombard Odier’s G2 technology platform, which is a dedicated wealth management solution. The G2 will be customised to KBL epb’s needs.
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The partnership will see a new company being created by Lombard Odier in Luxemburg, in order to provide KBL epb with the IT and operations solutions. The company will be jointly staffed by the two companies.
Head of UK private banking for Lombard Odier, Dominic Tremlett, told PBI in an interview in May 2015 that the G2 platform is "not a retail or corporate system that has been tweaked or adapted for private banking" and has been specifically developed by the Swiss bank for wealth management.
Alain Picquet, co-head of technology and banking infrastructure at Lombard Odier, said: "We look forward to working closely with KBL epb’s specialist staff as we continue to extend our processes and platform, reinforcing their IT and Operations activities in the years to come."
Marc Lauwers, group chief operating officer, KBL epb, said: "This partnership is not simply a back-office initiative. It is an integral element of a group-wide transformation process that will support the realisation of our strategic objectives, including enhancing the way we serve our clients and strengthening the ties that bind us as a pan-European group."
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By GlobalDataLauwers added that the "multi-year nature" of this project would have no material impact on employment at KBL epb in Luxembourg before 2017.
KBL epb has assets under management (AuM) of EUR45bn ($50bn) and has presence in 50 european cities. KBL epb plans to double its professional training budget and substantially increase the sizeof its HR department in the next three years.
At Lombard Odier, total client assets amounted to CHF215bn ($230bn) on December 31, 2014, of which AuM were CHF161bn ($172bn).
