Lombard Odier has hired David Loo from Citi Private Bank for a new role as head of private clients for North Asia, as part of the Swiss private bank’s push for regional development.
Loo joined Lombard Odier in Hong Kong yesterday and will report to Vincent Magnenat, the firm’s Hong Kong-based head of private banking for Asia Pacific.
The position has been created in order to have someone on the ground in Hong Kong overseeing the development of Lombard Odier’s business in Greater China and the Philippines, Magnenat told AsianInvestor. Previously, Loo's responsibilities were covered by various Lombard teams.
Loo comes from Citi Private Bank in Hong Kong, where he was most recently a managing director. He joined Citi in April 2004 and his other roles at the firm included team head for Hong Kong and head of investment counselling for the Philippines and Greater China.
Magnenat said Loo left Citi last month, but Citi declined to comment on the question of a replacement for Loo.
Prior to Citi, Loo worked in Hong Kong for Coutts, UBS and Bank of America in private banking and investment roles.
Magnenat added: “2014 was the best year ever for Lombard Odier in Asia, so we want to continue this momentum and growth in the region.
“David’s tenure of experience as a senior banker and his solid foundation in investment advisory is a significant advantage to our team and his appointment further underpins our ongoing commitment to the region as we continue to grow our private client business in dynamic Asian markets.”
Meanwhile, Magnenat was positive about the partnership Lombard formed last December with Kasikornbank, one of Thailand’s largest financial institutions.
The deal covers provision of asset management and custodian services to Kasikornbank’s private clients, as well as receiving client referrals from the Thai bank.
Lombard intends to focus on managing the global investments of Kasikornbank’s high-net-worth clients on a discretionary basis for an undisclosed fee.
Magnenat yesterday said he was ‘very pleased with the results’ of the partnership so far.
“We are developing this relationship, which is very strong for us in the region,” he said. “We are leveraging on the strengths of both organisations.”
Magnenat said Lombard Odier was ‘always open’ to new partnerships but stressed that he was focused on making sure existing relationships were delivering on promises.