Lombard Odier says no to Asia M&A

Swiss private bank Lombard Odier will not acquire wealth businesses in Asia despite ongoing industry consolidation, preferring to establish local partnerships to gain access to onshore clients. Vincent Duhamel, head of Asia, said: “We are not good acquirers. This is a people business and to manage culture is difficult. I have rarely seen an acquisition in asset management or private banking that was successful.” Duhamel noted that M&A always created tension and that often th…