Geneva-headquartered global wealth and asset manager Lombard Odier has just released its financial results for 2024.

Assets under management at Swiss private bank Lombard Odier reached SFr215 billion ($237 billion) at the end of 2024, up 12 per cent year-on-year, lifted by positive net new money and strong investment performance.

Overall, the group had total client assets of SFr327 billion compared with SFr296 billion at the end of 2023, up 11 per cent year-on-year.

Full-year operating income reached SFr1,337 million, down 5 per cent year-on-year, largely caused by a 33 per cent decline in net interest income, reflecting the decrease in the interest rate environment and increase in cost of deposits. Operating expenses remained flat at SFr1,112 million, the firm said in a statement. The group, which continued its investment programme in infrastructure and talent, is incurring additional costs linked to the upcoming move to its new headquarters. As a result, net profit stood at SFr179 million in 2024, down 19 per cent year-on-year.

Strong balance sheet and capitalisation
Lombard Odier said its balance sheet remains strong, liquid and conservatively invested, totalling SFr14 billion in 2024. The group has a significant equity base. Its CET 1 ratio was among the highest in the industry at 32 per cent, more than double that required by the regulator. Fitch reaffirmed the group’s credit rating at AA- with a stable outlook in July 2024.

The private bank believes that global macroeconomic fundamentals remain solid, even as the US economy slows from above-trend levels. It judges recession risks to be low as the global rate-cutting cycle gathers pace. As major central banks continue to shift rates from restrictive to neutral territory in 2025, growth should revert to longer-term trend levels, the bank continued. It will be essential to monitor political and geopolitical risks, the new US administration’s policies on trade, immigration, and international relations in particular, with the threat of US tariffs being a wild card for the global economy.

“We remain focused on delivering organic growth through our wealth and asset management businesses, while our current investment cycle, which is nearing a close, provides a basis for more operational leverage,” Hubert Keller, senior managing partner, said. â€śThis year we also look forward to welcoming clients to our new landmark headquarters in Geneva.”