AuM benefited from net new money and positive market performance, but was impacted by negative currency effects due to the weakening of the US dollar versus the Swiss franc, the firm said in a statement yesterday. Overall, at the end of June 2025, the group had total client assets of SFr323 billion.

First-half operating income stood at SFr678 million, up 2 per cent year-on-year, driven by a 6 per cent increase in commissions. Operating expenses were SFr532 million, down 1 per cent year-on-year. First-half operating profit increased by 19 per cent to SFr139 million, while net profit stood at SFr111 million, down 4 per cent compared with the first half of 2024, the firm continued.

“Lombard Odier delivered solid results in H1 2025. Our clients continue to place their trust in us, valuing our investment expertise and the stability of our independent partnership model, particularly during volatile markets,” Hubert Keller, senior managing partner, said. “In September, we will inaugurate our new Geneva headquarters, a strategic step that positions us well for continued growth.”

Macro and market outlook
The firm highlighted that the first half of 2025 saw the world’s economic paradigm rewritten. Recent trade deals have resolved some major uncertainties, supporting global growth, yet the impact of tariffs should become clearer in the second half, with a slowdown in the US economy. US recession risks remain contained, and lower interest rates from major central banks support the outlook. Lombard Odier said it retains a balanced investment strategy and portfolio diversification across regions and asset classes that can withstand this fundamental trade and international relations reset.