Lombard Odier: Sluggish Growth at Asset Management

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The family-controlled private bank hoovered up 1.3 billion francs in net new client money.

Lombard Odier and Mirabaud, two of Geneva's oldest private banks, both reported healthy increases in first-half net profit on Wednesday, boosted by rising revenues from client trading. Profits rose and net new money flowed in. Assets under management totalled 164 billion francs. In the banking technology unit, the bank managed 71 billion francs.

The cost-income-ratio of the bank was 82 percent, slightly below last year's figure. This reflects significant investments in bankers, investment capabilities and technology.

Operating profit at Lombard Odier rose 5 percent to 536 million Swiss francs in the first six months of 2017, the company said in a statement.

Senior managing partner Patrick Odier called the interim results "a positive start to the year" that "reflects the constant improvement in our offering and client servicing, our investments in technology and digital solutions, and our strategy to serve an global and demanding client base". The Group's financial performance reflects the constant improvement in our offering and client servicing, our investments in technology and digital solutions, and our strategy to serve an worldwide and demanding client base, across a diversified set of activities in private clients, asset management and technology for banking.

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