A senior private banker for Lombard Odier, working for many years in Singapore, has made the move to the rather more heavily taxed location of London, but one from which he sees plenty of opportunities for growth in the medium term.

As an example of a private banker for a Swiss firm who has toiled for years in the Asian wealth management space and reached a senior level, one figure who springs to mind is Vincent Magnenat. 

In March, this limited partner at Lombard Odier headed westwards to London, taking up the job of global head of strategic alliances. The shift meant that he gave up the air-conditioned and pristine city-state of Singapore for a rather more tumultuous London.  

“My focus is on strengthening Lombard Odier Investment Managers’ footprint in the UK and driving growth in the wholesale segment across the UK, Switzerland, and Italy,” he said in an interview at the Swiss firm’s offices near London Bridge. “I also continue to lead our global strategic alliances, which remains a core part of our strategy – partnering with leading financial institutions to deliver bespoke wealth management solutions, backed by 229 years of global wealth and asset management expertise.” 

For the past 10 years, Magnenat has been involved in the “onshoring” trend of financial services. And while he is looking forward to his London-based role, Magnenat was keen to explain what he’s learned on the ground in Asia. It holds clues to how he sees his new role.

“Traditionally, many HNW individuals have been managing their wealth through offshore financial centres. However, the wealth landscape in Asia is undergoing a significant transformation. As client needs evolve, there’s a growing demand for access to solutions that combine global expertise with local access. We believe the future of wealth management is increasingly onshore,” he said. 

“Our 'onshorisation’ strategy is designed to meet this demand. Through our seven strategic alliances – including our partner financial institutions in Australia, Malaysia, Japan, Taiwan, Thailand, the Philippines and Singapore – we are able to bring our global capabilities to our clients in their home countries, and capture Asia’s wealth beyond our offshore centres (Singapore, Hong Kong and Tokyo),” he said.

Part of what is going on is that a rising generation of affluent people in APAC is also becoming more sophisticated about money and investment, he said. “There is a real need for them to diversify investments.”

“You should not have to open an account, in Switzerland or London to access sophisticated investments…domestic banks understand that the opportunity is there for them to grow wealth management that is holistic in its approach,” he said. 

“Lombard Odier’s opportunity is in combining its strengths with local knowledge in the market. We can really add value for the clients.”

Magnenat has been at the Swiss bank since 2012; from 2004 to 2012 he worked in Hong Kong at Societe Generale Bank & Trust Singapore and moved to Singapore in September 2012. Before that he had a two-year stint at Credit Suisse in Singapore, and started out at AXA Winterthur. 

He has worked at the unlisted firm that has been through a number of changes. The financial metrics of the business remain robust, as spelled out in its first-half 2025 financial figures, issued a few days ago.

Partnership 
WealthBriefing asked Magnenat about the announcement in late May this year by Lombard Odier of its partnership with Asia's Hong Leong Bank. That relationship reflects the trend of European banks, such as fellow Swiss bank Julius Baer and Bordier & Cie, to give just two examples, forming JVs in Asia to expand their footprint and use partners’ local expertise.

“We strongly believe that combining the strengths of these organisations is the best way…this is not a joint venture,” he said. “We are not only talking about referring clients to us…it is about providing, locally, access to global markets.”

“We have been growing in Switzerland and in the UK, and it is very easy [from these places] to invest globally. This is not so much the case in other countries,” he said. 

Trends 
Magnenat said about 70,000 families are in situations where their wealth is in motion in Asia. There are needs for financial planning, governance and new ways of investing, such as sustainability. Another trend is that the investment climate is more volatile with shorter cycles. “The need for us is to leverage our expertise,” he continued. 

Part of the Lombard Odier formula is not being shy about saying what it thinks about investments and markets, Magnenat said. Lombard Odier prides itself on having a strong house view on investment and having convictions that it is prepared to explain, both on the discretionary and advisory side.

Asian wealth management cannot be generalised – in Magnenat’s experience, wealth management in North Asia remains somewhat more transactional compared with Southeast Asia. However, this is evolving, particularly as interest in wealth planning and successions has gained momentum across the region – a shift notably accelerated by Covid-19.

Inevitably, perhaps, WealthBriefing asked Magnenat about the current hot trend of wealth managers moving into private markets. He struck a positive, if cautious, tone. 

Allocations to such areas cannot be built rapidly, but over a period of five to eight years, for example, across different segments, vintages and styles, he said. 

Another pressing area is onboarding and the issues that arise in an increasingly regulated banking industry. Magnenat said the firm’s wide geographic footprint works in its favour.

“We offer a seamless, borderless banking experience – enabling clients to access top-tier service and global investment opportunities without needing to open multiple accounts across financial hubs like Singapore, Hong Kong, Switzerland or London, where we maintain booking centres.”