Lombard Odier has struck a new partnership with the Philippines' UnionBank and it is now eyeing other markets in Southeast Asia, says the firm's Asia head of private banking.
Vincent Duhamel, the Swiss private bank's Asia head, says acquisitions rarely work out well in the wealth sector and prefers the local-partnership approach.
Lombard has recruited David Loo from Citi to oversee the Swiss private bank's regional development. It comes just months after the firm signed a partnership deal with Thailand's Kasikornbank.
The Swiss private bank signs a partnership deal with Kasikornbank to gain access to its high-net-worth clients and to receive referrals. Its Asia-Pacific chief spells out the rationale.
Lombard Odier adds Singapore CEO, BlackRock hires Hong Kong retail head, Coutts names Asia COO and Ascalon Capital Managers appoints chief executive.