Lombard Odier to Charge Clients to Hold Cash Over CHF100,000
(Bloomberg) — Geneva-based private bank says it has to pass on costs that the Swiss central bank will begin charging tomorrow. * Lombard Odier recommending that clients reduce their cash holdings and consider alternative investments. * Bank says 0.75 percent charge does not apply to “discretionary portfolios with conservative, balanced or growth profiles.” * FT reported news of Lombard decision earlier. * NOTE: Swiss National Bank is introducing negative interest rates to try to slow a tide of money into the Swiss currency.
To contact the reporter on this story: Hugo Miller in Geneva at hugomiller@bloomberg.net To contact the editors responsible for this story: Heather Smith at hsmith26@bloomberg.net Cindy Roberts, Simone Meier
