Lombard Odier Makes Big Push At South Korea Market

Chrissy Coleman

18 February 2013

Switzerland’sLombard Odier is entering the South Korean market through a partnership with the nation’s largest bank by asset value and market capitalisation.

Starting this year, Lombard Odier is combining its expertise in wealth management and private banking with KB Kookmin Bank’s knowledge and operational capacity in South Korea. The two businesses are working together to offer high net worth clients access to the Swiss manager’s investment tools, research and platforms, said Lombard Odier in a statement released yesterday.

“This partnership brings our depth of expertise and investment platform to Korean clients and is in line with our development in Asia. There is clear synergy between ourselves and KB Kookmin Bank and we are very pleased with this strategic partnership,” said Vincent Duhamel, head of Asia for Lombard Odier.

Lombard Odier has been present in Asia for more than 25 years, having set up its Hong Kong office in 1987 to manage the investments of private and institutional clients throughout the region. With additional offices in Tokyo and Singapore and a partnership with JBWere in Australia, the wealth manager said it is deepening its commitment and expertise in the region for clients, including pension funds and family business owners.

The move also comes as Lombard Odier, to cope with its expansion, has recently decided to shed its historic structure of unlimited liability, a move also taken a few days ago by Pictet, its Swiss peer.

Aspirations

“Lombard Odier’s customer-oriented philosophy matches the needs and aspirations of high net worth individuals in Korea who are looking for new solutions in the wake of the economic crisis,” said Jeong-Rim Park, executive president of the wealth management division at KB Kookmin Bank.

“The partnership will help KB Kookmin Bank's wealth management business, Gold & Wise, expand to the next level while strengthening Lombard Odier’s footprint in Asia,” Park added.

The Lombard Odier Group has a presence in the world’s main financial centres and a network of 24 offices in 17 countries. With 164 billion Swiss francs ($179 billion) of assets under management at the end of December 2012, the group employs almost 2,000 staff and offers its clients advice in the areas of wealth management, financial products, and specialised services.