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Lombard Odier – two centuries of personalised wealth management, and a strengthened growth dynamic in Spain
Photo by David Jarch
Article published in La Razón on 28 December 2025.
The Swiss private bank has an unwavering commitment to Spain, where it is growing rapidly.
In a financial landscape marked by volatility and fierce competition, Lombard Odier has remained a constant for over two hundred years. The Swiss private bank has positioned itself as a “boutique” wealth management firm committed to independence and a long-term vision. Founded in 1796, 2026 marks Lombard Odier’s 230th anniversary.
It currently manages around USD 406 billion in client deposits and assets under management. Managing Partner Frédéric Rochat and Head of Southern Europe and Latin America Stephen Kamp, stress that the bank is one of the oldest in Europe thanks to its prudent approach to running and managing the business. "Our philosophy is grounded in humility and focus – in other words, concentrating on a limited number of things, but doing them well. We are large enough to be able to constantly invest in the future of our activities, yet small enough to know each of our clients individually and in a very personal way," Frédéric Rochat explains.
We are large enough to be able to constantly invest in the future of our activities, yet small enough to know each of our clients individually and in a very personal way
Throughout its history, the bank has always been closely tied to the centre of Geneva. However, its growth forced Lombard Odier to operate from six separate buildings. This year, the bank packed its bags for the first time, moving away from the city centre to the shores of Lake Geneva, bringing its 2,000 employees together in a single location: under “1Roof”, its new headquarters. Frédéric Rochat explains that the move is an important step that reaffirms the Group's commitment to the future and its capacity for growth, while also demonstrating its confidence in Switzerland as a place to operate. The bank's new head office was designed by Herzog & De Meuron, whom Frédéric Rochat describes as "part artists, part engineers". The building's design reflects the bank's culture and DNA, carefully considering clients' needs as an integral part of the construction process. Lombard Odier’s ambition is to welcome them and provide the best advice in an environment where they feel "naturally at home, rather than simply inside a bank". Like an oxymoron bringing together two apparently opposed concepts, the new headquarters convey discretion and transparency, a contemporary feel and a suggestion of timelessness, as well as scale and intimacy.
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Independence and governance model
Lombard Odier is a privately owned, independent institution organised as a partnership. As such, the firm operates in the high-end segment of private banking. Unlike large publicly listed universal banks, which may be driven by short-term considerations due to pressure from analysts to deliver strong results, Lombard Odier's structure allows it to adopt a much longer-term perspective. "We are a niche player with a boutique approach," Stephen Kamp emphasises.
That's because the firm is owned and managed by its partners. As a result, high-profile clients are personally advised by one of the firm’s partners. "This ’owner-manager’ model is particularly important for family businesses, as clients entrust their wealth to someone who is also an owner of the firm, ensuring stability and direct access while avoiding an industrial approach," Stephen Kamp adds.
Unlike banks that compete on the size of their balance sheet by offering mortgages or credit, those that focus on specific investment banking segments such as M&A, or those centred on product sales, Lombard Odier is resolutely client-focussed, listening to them with the utmost attention.
Independence therefore lies at the heart of its banking model, allowing the firm to focus on providing the best investment advice. "Clients seek to preserve their capital and ensure its transmission to the next generation, which requires a partner they can fully trust and who shares the same long-term perspective," says Frédéric Rochat.
Spain is an absolutely key market for us. We are seeing rapid growth at the moment and constantly taking on new talent
Madrid as the epicentre of growth
As Head of Southern Europe and Latin America, Stephen Kamp describes how the region has evolved over the past ten years and the importance it now holds for the bank. Economies such as Spain, Greece, and Portugal, now regarded as very strong, were a source of serious concern a decade ago. In his view, they illustrate how circumstances can change, as local wealth has increased significantly over the past decade as a result of measures adopted by various governments to attract foreign capital. These initiatives have led to inflows of capital from other geographic regions, with Madrid a clear example, having become a destination of choice for high-net-worth individuals from Latin America looking to establish their residence.
Despite the recent growth of private banking in Spain, Lombard Odier has been committed to the country for a long time. Twenty years ago, the bank decided to open an office in Madrid, making it one of its first branches in Europe. "Spain is an absolutely key market for us. We are seeing rapid growth at the moment and constantly taking on new talent," Frédéric Rochat notes.
New generations and wealth transfer
Lombard Odier clients tend to be successful entrepreneurs, finance professionals, and investors, often surrounded by their families. As such, the firm defines itself as a "bank of entrepreneurs for entrepreneurs".
In Spain specifically, the majority of clients are family groups and business owners. However, as Stephen Kamp points out, the bank is paying particular attention to emerging segments. To that end, the firm is investing in supporting and training younger generations, frequently organising events to build a sense of community and help families prepare their heirs.
Women also play a growing role at Lombard Odier, particularly given the significant transfer of wealth towards women that is currently underway, as can be explained by their longer life expectancy and the fact that they often inherit. This trend is reinforced by the increasing prominence and number of highly successful female entrepreneurs.
In the current environment, Lombard Odier is basing its investment strategy on diversification, both across asset classes and geographic regions. The firm is overweighting equities, as economies continue to grow. Within the fixed-income segment, Lombard Odier favours corporate bonds over government bonds, as corporate balance sheets appear more robust than national finances. The bank is also turning to private capital, private equity, real estate, and infrastructure to diversify investments. A key element in the bank's strategy is gold, which is used by many clients in Switzerland, Europe, and emerging markets for long-term investments to hedge against a weaker US dollar or heightened geopolitical volatility.
Forecasts and market outlook for 2026
In terms of the outlook for 2026, Lombard Odier expects US growth to continue, albeit at a more moderate pace due to the impact of tariffs and political uncertainty. However, the bank also sees upside potential if AI delivers on its promise to boost productivity.
The situation looks very different in Europe, which finds itself at a crossroads and must choose between integration and fragmentation. "The continent is at a moment of truth. More investment is needed if it is to achieve energy independence, regain technological leadership and strengthen infrastructure and defence. It must decide whether it wants to advance the European integration project by strengthening the bloc through deregulation, creating a more competitive tax environment and, crucially, going ahead with capital market integration. Alternatively, it can opt for fragmentation," Frédéric Rochat concludes.
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This is a marketing communication issued by Bank Lombard Odier & Co Ltd (hereinafter “Lombard Odier”).
It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a marketing communication.
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