Andreas Arni's appointment as Lombard Odier's first ever head of Switzerland is an acknowledgement of the bank's domestic ambitions. Arni has made a notable international move, finews.com has learned.
Lombard Odiers Zurich platform is back in wealth management in Latin America: the Genevan private bank is poaching a team of three people from Julius Baer, according to a memo seen by finews.com. Swiss head Andreas Arni (pictured below) who confirmed the move in an interview, said the team led by Blanca de Castro Infante will focus on Argentina.
The move is part of the strategy of the bank driven by Matteo Dignola, Market Head LatAm, who is implementing the growth strategy for Latin America, focusing on the core markets in Argentina, Mexico and Brazil.
The move represents the first notable Latin American presence for Lombard Odiers Zurich platform since the exit of emerging markets boss Alexis Lombard in 2016 for rival Landolt. Under Arni, Zurich is to emerge as a hub for Latin America. «Lombard Odier will keep expanding the strategy by hiring.»
Client Momentum Persists
The hires come precisely one year after Arni joined from Credit Suisse. While the pandemic roiled the industry early this year, the 224-year-old Genevan firm appears on track for a record year. It hiked profits in the first half and drew in 6 billion Swiss francs ($6.6 billion) in fresh money.
The momentum from the pandemic's early months has continued through the later months of 2020, Arni signals. He declined to provide details or disclose the assets managed by Lombard Odier in Zurich, which is based on the lakefront Utoschloss (pictured above). Arni said roughly one third of Lombard Odier's overall 290 billion in assets is managed on behalf of Swiss-based clients.
Copious Hiring
Zurich is a linchpin in Lombard Odier's offshore efforts: Eastern Europe, Asia, the Middle East, and now Latin America are coordinated from here, while the bank added in Zurich an Israel desk to complement its long-standing Isreal-hub in Geneva and its Tel Aviv office.
Arni has hired in recent months including Elena Andrianova and Xiaodan Predoehl, who began in October working on Eastern European and Asian clients, respectively. Andrianova, who joined from Kaiser Partner, and Predoehl, most recently at UBS, both defected with their teams.
In Switzerland, Arni hired lawyer and tax expert Andreas Wickli and his team from Credit Suisse. Wickli's speciality is working with private bankers on tax-optimized portfolio management offerings.
Further Swiss Branches?
Private bankers moving in the midst of a pandemic is unusual, and Arni concedes that economic uncertainty complicates Lombard Odier's recruiting efforts. «But the strong client momentum at Lombard Odier this year as well as our capital strength, investment expertise, and long-term view appear to be attractive for new employees.»
Arni has also reinforced a focus on pension solutions, nabbing a team from Swiss boutique Elite. He is coy on whether Lombard Odier will open any further offices in German-speaking Switzerland, such as Basel. «We go where our clients are. At the moment, we're focusing on successfully building out Zurich.»
Dealmaking Considerations
Lombard Odier, formed by the 2002 merger of centuries-old Genevan houses Lombard Oder and Darier Hentsch, is unlikely to stray from its plan for organic growth.
«That doesn't mean that M&A isn't part of our strategic considerations,» the Swiss boss notes. «Primarily however we want to attract the best talent.»
