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Lombard Odier’s assets under management (AuM) stood at CHF 211 billion at the end of June 2025, down 2% on end-December 2024. AuM benefitted from solid net new money and positive market performance, but was impacted by negative currency effects due to the weakening of the US dollar vs. the Swiss franc. Overall, at end-June 2025, the Group had total client assets of CHF 323 billion.
First-half operating income stood at CHF 678 million, up 2% year-on-year, driven by a 6% increase in commissions. Operating expenses were CHF 532 million, down 1% year-on-year. First-half operating profit increased by 19% to CHF 139 million, while net profit stood at CHF 111 million, down 4% compared to H1 2024.
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Strong balance sheet and capitalisation
Lombard Odier’s balance sheet remains strong, liquid and conservatively invested, and totalled CHF 15 billion at end-June 2025. As of 30 June 2025, its CET1 ratio was among the highest in the industry at 33.6% and more than double that required by the regulator.
Hubert Keller, Senior Managing Partner: “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.
In September we will inaugurate our new Geneva headquarters, a strategic step that positions us well for continued growth.”
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
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. We retain a balanced investment strategy and strong portfolio diversification across regions and asset classes that can withstand this fundamental trade and international relations reset.
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