Lombard Odier partners with Thai bank
The Swiss firm has signed an agreement with Thailand's Kasikornbank to provide wealth management services to the bank's private clients and enter a market with the highest HNWI growth in ASEAN.
Lombard Odier will manage global investment funds on behalf of Kasikornbank's private clients in return for a management fee, according to the agreement.
Under a separate arrangement, it will also act as an exclusive offshore custodian for Kasikornbank clients, using Singapore as a booking centre.
"This partnership with a leading Thai financial institution will allow us to enter the market in a significant way," said Vincent Duhamel, head of Asia.
Thailand's high net worth population and their investible wealth had the highest year-on-year growth rates in Southeast Asia, according to the Capgemini Asia-Pacific Wealth Report 2014.
The country's HNWI population grew 9.2% year-on-year in 2013 to 80,000, a figure that has roughly doubled since 2008.
Investible wealth for Thailand's HNWIs grew 11.6% to $396bn in 2013.
Accortding to the agreement, the Thai bank will also receive advisory training for its relationship managers and financial advisors.
"A key objective of this partnership was met to incorporate Kasikornbank and Lombard Odier's experiences, thus contributing to even higher international standards in our work," said Banthoon Lamsam, chairman of the board and CEO of Kasikornbank.
In the last two years, Lombard Odier has signed partnership agreements with Australian wealth manager JBWere and South Korea's Kookmin Bank to tap new opportunities.
Geneva-based Lombard Odier had total client assets of $238bn as of June 2014, of which assets under management accounted for $176 billion.
Kasikornbank was set up in 1945. It operates about 1.000 branches and sub-offices across Thailand and runs overseas offices. The bank had THB2.4trn ($73.6bn) in assets as of September 2014.