Lombard Odier, Hong Leong Team Up for Southeast Asia Wealth
(Bloomberg) — Lombard Odier struck its seventh partnership in Asia as the Swiss wealth manager tied up with Hong Leong Bank Bhd., a move that underscores how financial firms are expanding to cater to the rising wealth in the region.
The deal will support Kuala Lumpur-based Hong Leong Bank’s regional wealth offerings with investment insight from Geneva-based Lombard Odier, both firms said in a joint statement Monday.
Hong Leong Bank joins major lenders such as Malayan Banking Bhd and CIMB Group Holdings Bhd. in expanding in Asia’s fast-growing wealth management industry. Lombard Odier’s Asian partners include Kasikornbank Pcl in Thailand, Union Bank of the Philippines, and Japan’s Mizuho Financial Group Inc.
“We try to be completely agnostic in terms of where our clients invest,” Vincent Magnenat, regional head of Asia and global head of strategic alliances at Lombard Odier, said in an interview. The alliance will allow Hong Leong Bank’s Malaysian clients to invest through booking centers in Singapore and Switzerland and enable Lombard Odier to serve the country’s growing upper-middle class of investors, he said.
The wealth manager will also offer training for Hong Leong’s bankers, Magnenat said.
–With assistance from Chanyaporn Chanjaroen.
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