*"The wealth management landscape is evolving rapidly in Asia, and Singapore continues to solidify its position as a global epicenter for family offices," said Vincent Magnenat, CEO of Lombard Odier Asia-Pacific. "Our clients are not just seeking wealth preservation but forward-looking strategies that align with sustainability and legacy planning."*
Swiss private bank Lombard Odier has unveiled its latest strategic initiative: the establishment of a dedicated family office service hub in Singapore. This move underscores the institution’s commitment to deepening its presence in the Asia-Pacific region, a market it recognizes as pivotal in the future of global wealth management. The new hub will cater exclusively to ultra-high-net-worth individuals (UHNWIs) and families, offering bespoke solutions that integrate wealth structuring, intergenerational planning, and sustainability-focused investments.
Founded in 1796, Lombard Odier has long been synonymous with discretion and innovation in the private banking sector. The bank’s foray into Singapore’s burgeoning family office ecosystem is a direct response to the city-state’s meteoric rise as a preferred destination for global wealth. According to Singapore’s Economic Development Board, the number of family offices in the country has surged from 400 in 2020 to over 1,100 in 2023, positioning it as a magnet for financial services and expertise. Lombard Odier’s new hub is designed to meet this demand, leveraging its centuries-old heritage and a forward-thinking approach to wealth management.
The decision reflects a broader trend among global banks and wealth managers to establish a foothold in Asia, where the concentration of wealth is expanding at an unprecedented pace. Singapore, in particular, has distinguished itself through its robust regulatory framework, political stability, and favorable tax regime. These factors, combined with initiatives such as the Variable Capital Company (VCC) structure, have contributed to its allure. Lombard Odier’s Singapore hub will also emphasize environmental, social, and governance (ESG) principles, aligning with the bank’s broader mission to integrate sustainability into all facets of its advisory services.
"Our clients increasingly want their wealth to reflect their values," Magnenat elaborated. "This is particularly evident in Asia, where there is a growing awareness of the impact that sustainable investing can have—not only on the environment but on the long-term viability of family wealth." The firm’s Singapore hub will offer access to its proprietary sustainability analytics, which assess portfolios based on their alignment with global ESG standards, enabling families to make data-driven decisions on their investments.
The impact of this expansion is expected to resonate beyond Lombard Odier’s immediate clientele. By enhancing the sophistication of family office services available in Singapore, the initiative could further raise the bar for competitors in the space. Moreover, it reflects the shifting priorities of Asia’s UHNWIs, who are increasingly prioritizing legacy-focused strategies over short-term gains. This shift is particularly relevant as wealth transitions to a younger, values-driven generation of heirs.
Lombard Odier’s move also aligns with broader governmental efforts to attract and retain global talent and capital. Singapore’s recently announced Global Investor Programme (GIP), which offers fast-tracked residency pathways for UHNWIs, has further cemented its appeal. By establishing a dedicated hub, Lombard Odier is positioning itself as a partner not just for today’s wealth owners but for future generations navigating an increasingly complex financial landscape.
In an era defined by rapid technological and economic transformation, Lombard Odier’s expansion serves as a reminder of the enduring importance of tailored, human-centric financial solutions. As Asia’s wealth management sector continues to evolve, the bank’s Singapore hub stands as a testament to its commitment to innovation, sustainability, and the preservation of legacy.
(Editors: admin)