“[The] agreement allows Lombard Odier to offer Union Bank’s onshore private clients in the Philippines access to best-in-class global investment solutions for the first time,” said Vincent Magnenat, head of private banking Asia Pacific at Lombard Odier.
“At the same time, Lombard Odier will assist UnionBank in developing its private banking activities focused on long-term global discretionary portfolio management solutions and in-house client support capabilities.”
Lombard Odier announced a similar partnership with Kasikornbank in Thailand in December 2014 following agreements with financial firms in mainland China, Japan, South Korea and Australia.
Global fund launch
According to the terms of the agreement, Lombard Odier and UnionBank plan to launch a global and diversified multi-asset fund with a risk profile matching UnionBank’s specific needs for its high-net-worth and ultra-high-net-worth clients.
“We believe that our private banking clients in the Philippines will value access to a tailor-made investment offering developed by one of the world’s most financially solid wealth managers, which has a multi-generational investment horizon in mind,” said Eugene Acevedo, senior executive vice president retail and corporate banking at UnionBank.
“Our financial institutions will collaborate closely to ensure that UnionBank’s clients can grow and safeguard their wealth despite the highly volatile and low-growth global investment environment.”
