Available to investors in Australia and New Zealand with more than $1 million to invest, the partnership allows JBWere clients to trade internationally across a range of asset classes including equities, cash, fixed income, managed funds, dual currency and other structured deposits.
Lombard Odier provides its institutional and high net worth clients with wide-ranging advice in the areas of wealth management and specialized services such as estate planning, family business expertise, philanthropy and solutions for independent asset managers.
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Commenting on the alliance, Lombard Odier head of Asia Pacific and Japan Vincent Duhamel said the partnership was driven in part by a desire to establish local insights, especially as demand for wealth managers increases in line with the growth of high net worth individuals in Australia.
JBWere chief executive Paul Heath said: "Lombard Odier was chosen, following a global search for a suitable partner, because of its long, rich history in providing world-class wealth solutions to private investors."
"In Australia, more than 70% of the equity market is made up of materials, energy and financial services companies. We believe Australian private investors need more diversification if they are to reduce risk in their portfolio and maximize the opportunities in the current market," Heath added.
The declining competitive advantages of Swiss private banks in Europe have triggered a drive for clients from overseas and this alliance by Lombard Odier is just another example of growing desperation of Swiss banks to diversify geographically.
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By GlobalDataIn a similar deal, last year, Swiss bank Julius Baer absorbed Macquarie’s Asian private client business to gain about $1 billion in assets, and is now able to refer clients looking for investment banking services to Macquarie.
According to WealthInsight in-house data, the number of core millionaires in Australia currently stands at 272,050, while the number of UHNWIs stands at 2,464.
WealthInsigh analysis suggests that the total number of HNWIs is expected to grow by 20% to reach 330,182 individuals by 2015. The number of core millionaires will increase by 20% to reach 327,175 individuals, while the number of UHNWIs will increase by 22% to reach 3,007 in 2015.
We are of the opinion that strategic alliance is mutually beneficial for both the companies giving Lombard Odier, currently manages CHF147 billion for private client, easy access to Australian wealth management market and also JBWere’s US$13.6 billion funds under management.
JBWere can leverage Lombard Odier’s centuries old expertise in the field and enhance its position in the rapidly growly Australian market.
Lombard Odier’s latest expansion adds an Australasian base to its existing offices in Hong Kong, Tokyo and Singapore.
