“It is a strategic market for the bank, and we’ve been there for 18 years”: Stephen Kamp affirms Lombard Odier’s ambitions in Spain

Article published in FundsPeople on 12 December 2024.

Lombard Odier is the oldest private bank in Geneva. Stephen Kamp, who heads the bank’s southern Europe and Latin American regions, says that Lombard Odier is “a combination, on the one hand, of history and tradition and, on the other, of safety and innovation.” In this regard, he notes that the bank’s capitalisation ratio exceeds 30%. “We like it when clients feel this is a place where they can feel safe – somewhere we know them well, and they have known us for a long time,” he says.

Within the European business, Spain is a strategic market for the bank, where we’ve had a local presence for 18 years now

“Spain is the most important market in the region under my responsibility,” he acknowledges. This is reflected in the bank’s volume of business: one third of the business is domestic (Switzerland), another third is in Europe and the remaining third is in the rest of the world. “Within the European business, Spain is a strategic market for the bank, where we’ve had a local presence for 18 years now.” Looking ahead, Kamp hopes to continue growing in the region, but he rules out participating in corporate actions: “It’s not in the bank’s DNA,” he says.

An effective way to do it would be by growing the team. “We have an excellent team in Spain, but we wouldn’t rule out expanding it if we find the right people. We certainly have the ability to do so, but it isn’t an obligation. We favour quality over quantity,” he stresses.

Strengthening Lombard Odier’s services

One of the bank’s hallmarks is that it specialises in families and entrepreneurs. As a result, Lombard Odier believes it is very important to understand its clients’ ambitions and needs in order to provide them with a high-quality service. Our business model enables us to provide each client with a tailored solution. “This is achieved by creating very close contact with clients, but also by creating a team. We don’t just place them in the hands of a banker, there are specialists supporting them,” he explains.

Portfolios should be built in a manner that considers the tax implications. And that lies at the core of our value proposition

One service of particular interest is tax planning. Portfolios should be built in a manner that considers the tax implications. And that lies at the core of our value proposition,” Kamp states. Consequently, the manager selects appropriate instruments for the country in question, with the objective of achieving the best possible result. This requires teamwork between different departments. Additionally, Lombard Odier provides different types of advisory, but its primary focus is on portfolio management. “Clients entrust their assets to us and we manage them on their behalf. We can create ad-hoc vehicles for our clients in Spain,” he notes.

Furthermore, Lombard Odier provides a technology platform as a service to third parties.

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More pressure on margins

The sector is experiencing a number of different trends, not only in Spain but also in other markets. Kamp is witnessing an increase in regulatory requirements, which entail higher costs and thus exert greater pressure on margins. “Of course smaller players are finding it harder to survive, so talented bankers working there may end up leaving for larger institutions or seeking to operate independently,” he says.

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We are also witnessing the powerful emergence of AI and, specifically, robotics. This can help increase  economies of scale or improve the efficiency of enterprises, without overlooking sustainability. “The younger generations certainly expect to see management companies with a strong commitment to ESG,” he concludes.