Total client assets increased by 4% to CHF242bn (£195bn) from CHF233bn over the first half, but Lombard Odier Investment Manager only saw a CHF1bn rise in total client assets since 31 December 2016, taking it to CHF46bn (£37bn).
Year-on-year, the AUM of the Swiss private bank’s asset management division was CHF2bn down from the CHF48bn recorded in the first half of 2016.
Over the last 12 months, Lombard Odier IM has attempted to bolster its UK presence, acquiring the £812m Volantis long/short and long-only investment team from Henderson last November.
The firm’s private client business, meanwhile, continued to outpace its other business lines, with clients’ investments growing 5% from CHF199bn to CHF125bn in six months.
Its technology and banking component, which provides infrastructure support to independent asset managers, family offices and private banks with portfolio management, trading, custody and reporting, attracted a further CHF2bn of client money, ending the period with CHF71bn invested.
Still, the group saw 13% higher consolidated net profits of CHF69m (£55m) relative to H1 2016 and a 5% improvement in operating income, which stood at CHF536m.
Senior managing partner Patrick Odier called the interim results “a positive start to the year” that “reflects the constant improvement in our offering and client servicing, our investments in technology and digital solutions, and our strategy to serve an international and demanding client base”.
“We will continue investing for growth, as we look ahead to our 222nd anniversary in 2018, and the strategic move of our headquarters to a new single site in Bellevue, Geneva.”
