Swiss group Lombard Odier has announced that its total client assets stood at CHF215bn as at 31 December 2014, of which AUM were CHF 161bn (€150.5bn), up CHF 8.6bn (€8bn). The consolidated net profit for 2014 was CHF120m (€112.2m).
Private clients business accounted for CHF116bn (€108.5bn) of the assets while asset management clients have invested CHF49bn (€45.8bn) with Lombard Odier Investment Managers.
“The increase in assets under management is a reflection of positive market performance and net inflows from the private clients business. The asset management unit recorded net outflows, mainly driven by a decrease in money market funds due to the low interest rate environment,” Lombard Odier explained.
Patrick Odier, senior managing partner, said: “Our earnings in the second half of 2014 were on track as the bank positions its businesses for the future.
“Our private clients business will continue to expand its reach in Switzerland, Europe and the emerging economies; our asset management unit will continue to focus on distinctive and innovative investment solutions and our technology & banking services business will further develop its platform for the benefit of our own and third-party clients.”
Lombard Odier, which has a Basel III CET1 ratio of 22.6%, said the Swiss National Bank’s decision to end the minimum exchange rate of CHF 1.20 per euro “had no impact on the bank’s balance sheet nor on its capital ratios.”
“Fluctuating exchange rates and volatile market developments may, however, impact the bank’s earnings in the coming year,”also commented the firm.