Swiss private bank, Lombard Odier, has named industry veteran, Vincent Magnenat as Singapore-based CEO, succeeding Richard Wee.

While only confirmed by the bank yesterday, the appointment took effect on 3 December 2012. As Singapore CEO, Magnenat oversees the growth of both the private banking and the asset management businesses in Singapore and Southeast Asia. He reports to Vincent Duhamel, head of Asia for Lombard Odier, the bank said in a statement.

Meanwhile, Wee remains on the Lombard Odier Singapore board, assuming the position of vice chairman of board, overseeing regional strategy. This is a newly-created board function to strengthen Lombard Odier’s position in Asia by driving regional business development and coordinating initiatives across the region. Wee also continues to serve private clients, the bank said.

Magnenat, who has worked in Asia for almost a decade, joins Lombard Odier from Societe Generale, where he was most recently regional head of sales and marketing for Asia, based in Hong Kong and previously, in Singapore. In that capacity, he oversaw north- and Southeast Asian as well as international marketing teams.

He was previously managing director, global market manager in Singapore, where he set up a platform for Societe Generale that caters to the needs of international high net worth investors and financial intermediaries. Magnenat has additionally held positions in Credit Suisse Private Bank in Switzerland and Singapore, as well as Winterthur Life Insurance in Switzerland.

 “In a rapidly-evolving wealth management landscape, Vincent will help to develop strategies for innovation and organisation that will reinforce Lombard Odier’s ability to deliver optimal solutions to our clients,” said Duhamel of Magnenat’s appointment.

Lombard Odier provides its institutional and high net worth clients with advice in the areas of wealth-management and specialised services such as estate planning, family business expertise, philanthropy and solutions for independent asset managers. It also offers a range of investment solutions.

 The firm has been in Asia for over 25 years, with offices in Singapore, Hong Kong and Tokyo. Lombard Odier & Cie has more than $160 billion in assets under management.