Lombard Odier enters strategic agreement with Thailand’s Kasikornbank to expand Asia footprint
The move is the latest in a series of strategic alliances aimed at expanding Lombard Odier’s networks and client base in the Asia-Pacific region, a key growth engine for the Swiss wealth manager.
Since 2012, Lombard Odier has forged partnership agreements with Australian wealth manager JBWere and South Korea’s Kookmin Bank to tap new opportunities and strengthen its commitment to the region.
“We are very pleased to offer Kasikornbank’s clients access to first-class global wealth solutions,” said Vincent Duhamel, Head of Asia at Lombard Odier. “This partnership with a leading Thai financial institution will allow us to enter the market in a significant way,” he said.
According to the memorandum of understanding, Lombard Odier will manage global investment funds on behalf of Kasikornbank’s private clients in return for a management fee. Under a separate arrangement, Lombard Odier will also act as an exclusive offshore custodian for Kasikornbank clients, using Singapore as a booking center. Kasikornbank clients with assets under custody in Singapore will access Lombard Odier’s broad network of private banking experts.
Thirdly, Kasikornbank will refer high net worth private clients to Lombard Odier, where appropriate, while the Swiss firm will provide advisory training for the Thai bank’s relationship managers and financial advisors.
"A key objective of this partnership was met to incorporate Kasikornbank and Lombard Odier’s experiences, thus contributing to even higher international standards in our work," said Banthoon Lamsam, Chairman of the Board and Chief Executive Officer of Kasikornbank.
"Our two banks will work together to see the wealth of our customers grow to the highest levels possible, while risks will be kept under even more systematic control. It is our hope that we can fulfill the life aspirations of our clients and create worry-free financial security," he said.