Lombard Odier is looking at a partnership to target China's wealthy. It is the latest sign of the Swiss private bank bulking up in Asia.
«Perhaps the time is ripe now,» said Patrick Odier, Lombard Odier senior partner, said in an interview with the «Financial Times» (behind paywall). He was referring to the Geneva private bank's potential entry into the Chinese market via a partnership. One could «join forces with a local bank», he continued.
An official announcement, however, is not yet imminent, the «FT» reported. Lombard Odier has deftly deployed the «partnership» idea to grow in Asia. The wealth manager has established offices in Hong Kong, Singapore, and Tokyo, but in recent years it has entered into various joint ventures with local banks to establish a presence in Thailand, the Philippines, and Indonesia.
Commenting on the unrest in Hong Kong, Odier said there was no need to change its presence, although some clients were now reluctant to place more money in Hong Kong. «We believe the problems will be solved,» he said.
