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"To invest in private markets, you need a tailored approach" – interview with Frédéric Rochat
Article published in Il Sole 24 Ore on 9 January 2026
Frédéric Rochat, Managing Partner at the Swiss independent private bank Lombard Odier, is convinced that there are no standardised solutions for bringing illiquid asset opportunities within reach of private clients, and highlights the increasing attractiveness of the Italian market.
"Private markets certainly provide investors with an important opportunity, but there is no standard solution." Frédéric Rochat offers his perspective on illiquid assets and their presence (or absence) in private client portfolios, advocating a "tailored" approach. According to Lombard Odier’s Managing Partner, investment choices are critically dependent on the profile of the client being advised: as he explains in an interview with Il Sole 24 Ore, "Some entrepreneurs already have substantial exposure to illiquid assets and so do not need further private investments, while others, after selling their companies, may benefit from holding a proportion of private assets."
Private markets certainly provide investors with an important opportunity, but there is no standard solution
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Illiquid opportunities
The relevance of private markets "which today provide access to major sources of innovation, from technology to life sciences, often unavailable on public markets" is therefore beyond doubt. Equally, it is essential to carefully evaluate any investment decision, which must include an analysis of each individual situation. "We listen, plan, and build the allocation that is most appropriate over time with the client," continues Frédéric Rochat, who sees Lombard Odier as providing "wealth management craftsmanship", able to offer a "bespoke" service. The way in which we operate is therefore quite the opposite (or at least complementary) to that of the major international groups, which often stand out for their standardised services.
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Moreover, almost all the Swiss firm's main clients share a common trait: "They are entrepreneurs, each with a different story, often unique, but all with a track record of business success built over time," explains Frédéric Rochat. The choices these investors make reflect the doubts surrouding today's reality: the great volatility and uncertainty stemming from an unstable geopolitical environment, increasingly nervous markets, and even the technological revolution and the AI phenomenon, now capable of radically transforming entire sectors. He emphasises that in a context where nothing can be taken for granted, "many entrepreneurs are reconsidering their own fundamental choices: which bank to work with, which model to adopt, which country to live in, where to raise their families, and where to locate their wealth."
In a context where nothing can be taken for granted, many entrepreneurs are reconsidering their own fundamental choices: which bank to work with, which model to adopt, which country to live in, where to raise their families, and where to locate their wealth
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Italy seems to be benefiting from this kind of reassessment. "It has become a destination country, both for returning Italian entrepreneurs and for international families choosing to relocate. This is because it offers a very rare combination: rule of law, EU membership, quality of life, suitable tax incentives, and an entrepreneurial network spread across the country, from the north-east to the centre-south – a diversity that makes it increasingly attractive," observes Frédéric Rochat. For this reason, too, the Italian market remains a strategic focus for Lombard Odier, which seeks to occupy the middle ground between major banking groups (domestic and international) and niche operators: "We combine local presence with Swiss-based international expertise," he adds, “and provide Italian entrepreneurs with something beyond the traditional offering: a global vision and a focused approach to investments."
Italian clients, for their part, have changed in recent years: "They have become more sophisticated," says Frédéric Rochat. "They are showing greater interest in more advanced solutions, including alternative investments and private markets, and are more conscious of their choice of counterparty; they seek reliability, stability, and transparency, and a big name is no longer sufficient." Lombard Odier – under the guidance of Stephen Kamp, Head of Southern Europe & Latin America, and Alberica Brivio Sforza, Managing Director of Lombard Odier in Italy – stands ready to play the role of partner specialised in investment management, acting as a natural complement for entrepreneurs who are already working with other banks for borrowing or corporate finance. Added to that is the distinctiveness conferred by our independence: "We are entrepreneurs working side-by-side with other entrepreneurs," concludes Frédéric Rochat, "and that means that our interests are with those of the client over the long term."
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