As it reorganises the administration of its funds, Lombard Odier, the Geneva-based private bank, will later this year transfer the administration of its Jersey funds to the legal and financial services firm Bedell Group. Lombard Odier Jersey will continue to exist. The Luxembourg-domiciled funds currently serviced in Jersey will be administered by a new office in the principality that the bank plans to open.

According to the firm, most of Lombard Odier’s existing fund administration staff of six are expected to continue working on the funds on behalf of Bedell, when the Jersey-based group takes over the administration of both traditional and alternative funds.

“All that’s happening is that we are going back to the situation before 2001, when funds were administered by an outsourced provider.  Our Jersey-domiciled funds and Lombard Odier Jersey will continue.” a spokesperson told WealthBriefing.

Details of the agreement with Bedell are still being finalised, but the reorganisation will have no effect on the Jersey funds, which will continue to be administered by the same people, the spokesperson added.