Mr Janoudi, you joined Lombard Odier from UBS and today you are a Partner of the firm. Why did you make the move?

Banking has always been part of my life; I grew up in a family of bankers, around conversations about clients, markets and entrepreneurship. 

Before joining Lombard Odier, I had also worked at a universal bank and before that at my family part-owned bank, which gave me an appreciation for the entrepreneurial culture, agility and long-term mindset that often distinguish independent institutions.

"As a Partner, there is a strong sense of direct involvement, empowerment and accountability."

What made you choose a partnership-led bank?

When I joined Lombard Odier, I found an independently owned firm with a clear identity, a long-term vision and a singular focus on wealth and asset management.

As a Partner, there is a strong sense of direct involvement, empowerment and accountability. Decisions are made with a long-term perspective. That creates a natural alignment between the interests of the Partners and its clients.

You are Head of New Markets, what does this mean exactly?

My responsibility covers the Middle East and North Africa, Central Eastern Europe, Turkey and Africa. These are vastly different markets, but they share several characteristics: strong entrepreneurial wealth creation, increasingly sophisticated client needs and a growing demand for international wealth management expertise. They are also challenging with regard to geopolitics, and certainly not less competitive than other regions. 

Ultimately, isn’t it also simply about diversification?

Whilst diversification is always key, there is a tendency for home bias when it comes to opportunities. Moreover, the demographics of certain countries are important to appreciate. 

What does that mean?

For example, in Saudi Arabia, 60% of the population is under 30. In the UAE, 88% of residents are expats. Positioning ourselves to cater to these characteristics is key to success. 

I spend a significant amount of time across these regions meeting clients and their families. Those conversations provide invaluable insight into their priorities, whether that is succession, cross-border wealth planning, governance or investment opportunities, and this helps us ensure we remain relevant and closely aligned with their evolving needs.

In the Middle East, we continue to invest in talent and capabilities around family wealth, governance and succession planning. 

In Turkey, we see significant opportunities among internationally active entrepreneurs seeking diversification and cross-border wealth structuring. 

In Africa, where we have served clients for more than two decades, we focus on long-term partnerships with leading entrepreneurial families, particularly in markets such as South Africa, Morocco, Kenya and Nigeria. In Central Eastern Europe, we continue to build on opportunities in dynamic markets such as Poland and others.

How is business developing across New Markets?

Over the past two years, we have attracted new clients across our markets and delivered double-digit asset growth, which is ultimately a reflection of trust. 

Clients are looking for stability, independence and high-quality advice in an increasingly complex world. They value our investment expertise, wealth planning capabilities and long-term perspective, combined with the attraction and stability of Switzerland, our headquarters. 

The New Markets division represents a strategic pillar of the bank and is a significant contributor to our growth ambitions. We continue to see strong momentum across these regions.

"Since 2024, we have consistently delivered double-digit annual asset growth."

The Middle East is one of Lombard Odier's fastest-growing regions. What is driving that growth?

Most importantly, it’s having a great team.

Today, with over 600,000 dollar millionaires, the Gulf is one of the most significant wealth creation stories globally. Economic diversification, entrepreneurial activity and increasing international investment are creating substantial new wealth. 

At the same time, the region continues to attract internationally mobile entrepreneurs, investors and family offices – almost 300 single family offices are now based there. We position ourselves alongside these family offices rather than as competitors, providing valuable content and advice.

We have also been successful in attracting new clients. Families are looking for a trusted partner that combines investment expertise, wealth planning capabilities and a long-term perspective. We have been able to gain market share at more than twice the market growth rate, confirming that our model resonates well in the region.

Lombard Odier has said it wants to more than double its assets under management in the Middle East. When do you expect to reach that target?

We are ahead of our plan. 

The Middle East remains one of the most important growth markets for the Group and we continue to see very strong momentum ahead of market benchmarks: since I arrived in 2024, we have consistently delivered double-digit annual asset growth, underlining the strength and sustainability of our business model. 

A key pillar to achieving our goal is our award-winning CIO House view. We are conscious that clients expect performance as well as access to top quartile solutions and managers. On that front as well, Lombard Odier is delivering.

Which Middle Eastern markets currently offer the greatest growth potential for Lombard Odier: the UAE, Saudi Arabia, Qatar, Kuwait or elsewhere? And why?

There is a regional story rather than a single-country story. Saudi Arabia is undergoing a remarkable economic transformation, while we continue to see opportunities in markets such as Qatar and Egypt.

"What is encouraging is that wealth across the region is becoming increasingly sophisticated."

The UAE has established itself as a centre for wealth, entrepreneurship and family offices, so naturally we have invested in our local infrastructure to cover the entire region. 

What is encouraging is that wealth across the region is becoming increasingly sophisticated. Conversations that once focused primarily on investment performance now include family governance, succession planning, philanthropy and next-generation engagement. That plays directly to our strengths.

Is Switzerland in danger of becoming primarily a booking centre while client relationships and investment decisions increasingly move to Dubai and Abu Dhabi?

Not at all. Wealth management has become more international. 

Some of our clients have a physical presence or Family Office in Switzerland, the UK and the Middle East. Clients expect advice where they live and work, which is why local presence has become increasingly important. 

"Family offices are becoming increasingly professional."

Indeed, Lombard Odier has operated in the Middle East for over 60 years, and in 2023 we established our regional office in the DIFC. Our presence in the region is supported by centralised investment expertise at our headquarters in Switzerland.

Family offices appear to be proliferating in the Gulf. What are you seeing on the ground?

We are witnessing a remarkable evolution. Family offices are becoming increasingly professional, with centres such as the DIFC playing a major role by providing the legal, regulatory and governance frameworks that allow families to establish robust wealth structures. There are currently 120 family offices in the DIFC and this number continues to grow. 

As family wealth becomes larger, more global and multi-generational, we see a growing need for formal structures and processes. Families are placing greater emphasis on governance, decision-making frameworks and clear oversight mechanisms to help manage complexity and ensure continuity over the long term. Family offices therefore play an important role in bringing this structure around wealth, investments and broader family objectives. They also bring accountability, which I believe is an important evolution. 

You recently published a new report exploring how attitudes to philanthropy are evolving among the next generation, with a focus on the UAE. You note that this is tied to succession planning in the region. Can you elaborate?

Absolutely. Philanthropy has always been deeply embedded in society across the Middle East, particularly in the UAE, where giving is often driven by strong personal, family and religious values. 

Our Philanthropy Survey shows that families are increasingly looking to combine those values with more formal structures, clearer governance and a longer-term approach to impact, a shift driven by the next generation. 

"The defining trend is not a change in why people give, but in how they give."

Here again structured giving is becoming the overriding goal. 57% of respondents in our survey stated that they wanted to take a more strategic approach to their giving, for example using KPIs.

In short, the defining trend is not a change in why people give, but in how they give, with traditional values of generosity increasingly being expressed through more structured, measurable and strategic philanthropic approaches.

This is closely linked to succession planning, which has taken on huge importance in light of the major transition of wealth currently taking place: around USD 1 trillion is expected to be passed down by 2030 in the Middle East alone. As families prepare for the transfer of wealth across generations, they are also thinking about how to pass on values, purpose and a sense of responsibility. Many see philanthropy as a way to engage younger generations in decision-making and create alignment around a shared vision for the future.

Our research suggests that families are seeking to preserve the compassion and generosity that have long characterised giving in the region, while introducing the structures needed to ensure their philanthropy remains effective and sustainable for generations to come.

Lombard Odier is competing with institutions with much larger balance sheets. Where can a 230-year-old Swiss pure-play wealth manager genuinely beat these global giants?

By being focused. We are not a bank that tries to offer everything to everyone.

Many large institutions have multiple strategic priorities. We have one: helping our clients preserve and grow wealth over generations. Being a seventh-generation firm, our credibility in the eyes of clients shines through.

Our stability is also key: you mention the large balance sheets of these banks, but solidity arguably counts for more. Our CET1 ratio of 31% is a clear indicator of how well capitalised we are. 

We are also one of the few banks that can genuinely say we understand family governance and intergenerational wealth transfer: our own institution has remained in the hands of the founding families for more than two centuries, so this is in our DNA.

That perspective resonates strongly with entrepreneurial families thinking about the next generation: my interactions with clients show me that entrepreneurs are particularly happy with our offering, having specifically chosen us to manage their personal wealth.

Ali Janoudi is Partner and Region Head of New Markets at Lombard Odier.