Lombard Odier ended 2022 with CHF192bn ($204bn) in assets under management (AuM), a 12% decrease year-on-year.
However, Lombard Odier did attract net new money in its private client and asset management arms, with total client assets landing at CHF300bn at the end of 2022.
Lombard Odier as a whole in 2022
Operating income for 2022 totalled CHF1,380m, a 5% drop from 2021. In addition, consolidated net profit was CHF243m, down 10% year-on-year.
The group’s balance sheet amounted to CHF18.2bn at the end of the year with a significant equity base with no external debt.
Furthermore, Lombard Odier continued to invest in and expand its sustainability research and investment team. The resulted in multiple active investment strategies being launched that would benefit from the environmental transition. Also, further fund launched linked to the transition are planned for 2023.
Hubert Keller, senior managing partner, said: “In a turbulent market environment, new and existing clients valued our advice and the stability of our business model. We attracted solid net new money across our Private Banking and Asset Management businesses.
We expect continued volatility in 2023 driven by a persisting tight monetary environment and below potential growth in the US and Europe, and maintain a balanced positioning in our multi-asset mandates. Lombard Odier is an active manager and sustainability remains a core investment conviction.”
Last month, Mizuho Financial Group has reached a deal with Lombard Odier Trust (Japan) to provide Japanese high-net-worth individuals with improved private banking solutions.
Lombard Odier Trust (Japan) is part of Swiss private bank Lombard Odier. It has had a presence in Asia for more than 35 years.
Under the agreement, MIZUHO will offer enhanced wealth management offerings to its wealthy Japanese clients, which will be based on Lombard Odier’s expertise and global network.
Mizuho will also offer its existing range of products.