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Lombard Odier bets on Italy for Private Banking growth
Article published in Il Sole, 25 May 2022
“Lombard Odier is aiming to strengthen and grow its wealth management business in Italy. This includes managing family wealth, and also the many holdings that have become liquid in the last decade with the total or partial sales of Italian companies to private equity funds,” says Alberica Brivio Sforza, recently appointed Local Managing Director of Lombard Odier’s Italian office.
Brivio Sforza spent time in investment banking and asset management in London and New York, before returning to Milan to take senior wealth management roles for first BNP Paribas and then JP Morgan Private Bank. In September of 2021 Brivio Sforza was appointed Managing Director for Private Banking in Italy at Lombard Odier. The Swiss private bank has a total of CHF 358 billion under management, a CET1 ratio of 28.5%, and an AA- rating from international agency Fitch – “This solidity,” she says, “creates peace of mind for our clients.”
Clients first
Since it was founded 225 years ago, Lombard Odier has been run exclusively by its Managing Partners. Today there are seven Managing Partners, including Patrick Odier, a descendant of the founders. According to Lombard Odier’s new Director in Italy, the bank’s structure means clients can be confident their interests will always be put first. “The bank’s sole job is to manage clients’ assets, allowing us to be totally dedicated to them without the possible conflicts of those who are also creditors. It is also important that we are not listed on the stock exchange because this allows us to manage client assets with a medium-term perspective, without the pressure of quarterly accounts.”
Brivio Sforza continues, “Our focus is only on clients, we are completely dedicated to them. Our approach is more like a financial boutique than a big bank, with tailor-made solutions to suit different needs, and an offering that includes a full range of wealth services, including succession planning, discretionary and advisory management, and portfolio custody.”
Investing in people
Asset management services are taken care of by the Private Bank’s team of investment professionals. In Italy, this includes the newly appointed Head of Product Offering Europe Manuela Maccia, a first hire managed by Brivio Sforza, who is now recruiting experienced private bankers. According to Brivio Sforza, “Lombard Odier has invested heavily in the Group’s intellectual capital, with around 450 professionals dedicated to investment, who are the driving force behind every service. In addition to human capital, a feature of the group is technology, starting with the banking technology platform, developed in-house and also used by other Swiss and European private banks and financial institutions.”
Focussing on sustainability
Lombard Odier is a leader in sustainable investment, and was a pioneer in developing Environmental, Social and Governance (ESG) expertise and activities. The Group was also the first asset manager in the world to obtain B Corp certification. The sustainability team has some 30 professionals dedicated to analysing and evaluating the extent to which companies, industries and even entire countries are exposed to climate-related risks, or poised to take advantage of the transition to a sustainable economy. A partnership formed with Oxford University objectively validates scientific assumptions and tests the Group’s operating models. “For Lombard Odier, sustainability is the greatest investment opportunity in modern history. As investors, we are convinced that this transition will have a strong impact on the world of business,” says Alberica Brivio Sforza. “It will create a wide range of investment opportunities, but also significant risks. Our role as investors means managing these risks for our clients and making use of the opportunities.”
In addition to the head office, located in Geneva since 1796, as of the end of December 2021 the Group had 26 offices across 21 jurisdictions, with a total of 2,650 employees. The Milan office, which has been operational since 2016, has plans for expansion, Brivio Sforza explains. “Those who have significant assets are always multi-banked. We aim to join their current managers and then we hope to increase our role, knowing that we operate in a market that is destined to grow in absolute value.”
Important information
This document is issued by Bank Lombard Odier & Co Ltd or an entity of the Group (hereinafter “Lombard Odier”). It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a document. This document was not prepared by the Financial Research Department of Lombard Odier.
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