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LO and Mizuho ink Singapore WM alliance

The agreement comes after Lombard Odier established other strategic partnerships with banks in the Philippines, Thailand and Indonesia.

Through the new partnership, Mizuho Securities in Singapore will have access to Lombard Odier’s wealth management platform, according to a statement from the wealth management firm.

The firm did not provide many details about the arrangement.

It said that the wealth management solution would be tailored to Mizuho’s needs, which is expected to help client advisors spend more time with clients. Lombard Odier also plans to provide training to help boost Mizuho’s capabilities in wealth management.

“Through the agreement, Mizuho aims to capture and meet the diversified and complicated wealth management needs of clients in the Asian region,” Hirona Ishii, CEO of Mizuho in Singapore, said in the statement.

In 2015, Mizuho launched wealth management services for entrepreneurs and high net worth clients based in Singapore, according to a separate statement from the Japanese firm.

Lombard Odier’s partnership with Mizuho is different from its partnerships with Union Bank in the Philippines and Kasikornbank in Thailand, in which the firm manages money on behalf of the banks’ private clients, Vincent Magnenat, Lombard Odier’s CEO, told FSA in an e-mail reply.

Magnenat added that his firm will also be offering its wealth management banking technology platform to Mizuho to service its clients.

“Discretionary portfolio management is not included at this point,” he noted.

Other alliances

Lombard Odier has established a number of strategic alliances in the Asean region. In April, the firm formed a partnership with Jarkarta-based Bank Mandiri with the aim of developing the bank’s private banking arm.

In 2016, the firm partnered with Union Bank in the Philippines to co-develop mutual fund products for private banking clients.

It also has a partnership with Kasikornbank in Thailand, established in 2014, in which it manages global investment funds on behalf of Kasikornbank’s private clients.

Headquartered in Geneva, Lombard Odier managed $281bn in client assets as of the end of 2017, according to the statement. In Asia, its business hubs are in Singapore, Hong Kong and Tokyo.

Part of the Bonhill Group.