Private banking: Mizuho just the latest Asia tie-up for Lombard Odier
With the advent of its strategic alliance with Japan’s Mizuho Financial, Lombard Odier now has wealth management tie-ups in seven Asia countries, with the promise of more to come.
Lombard Odier’s alliance with Mizuho Financial Group, which sets out to deliver world-class wealth management services to onshore high net-worth (HNW) individuals in Japan, is just the latest Asia tie-up by the independent Swiss private bank.
The joint venture is simple enough. Geneva-based Lombard Odier will gain access to the Japanese group’s onshore clients, with the aim of providing families with tailored solutions, such as sustainability and wealth planning and family services. In turn, Mizuho will benefit from the Swiss firm’s collective 225 years of wealth management experience.
The two will share knowledge via events and research, with Mizuho’s relationship mangers set to take part in Lombard Odier’s training programmes.
“[It is] not about pushing products,” says Vincent Magnenat, limited partner, global head of strategic alliances and Asia regional head at Lombard Odier, based in Singapore. “Rather, it is to be bespoke solution providers: adviser, not seller.”
He adds: “[The] model offers HNW investors onshore access to a global platform that complements the services and offerings by the local financial institution.”
There are three distinct sub-plots at work here.
The first is a shift in Asia among some private banks toward a more localized wealth offering.