Lombard Odier adapts structure to match growth of its businesses
Lombard Odier is changing its legal structure to a “société en commandite par actions de droit suisse” – an SCA or corporate partnership under Swiss law – effective 1 January 2014.
The firm will remain under the ownership, management and control of the existing eight managing partners, whose collegiate governance, business culture and values are unchanged.
Lombard Odier will change its legal structure from an unlimited partnership to a corporate partnership (SCA) headquartered in Geneva. The bank’s activities in Switzerland will be managed as a limited company, as is already the case for all operational subsidiaries of the group. This evolution is the result of a discussion over many years between the managing partners, in order to equip the group with the most efficient and solid structure to allow the firm to maintain its business culture while continuing its development.
The new legal organisation will allow Lombard Odier to adapt to a rapid changing regulatory environment, both in Switzerland and abroad, as well as to continue to build its increasingly international business. The creation of the corporate partnership, which will become the holding company of the operating entities of the group, will give Lombard Odier a clearer and more streamlined organisational structure, in line with international norms.
“This legal structure allows us to maintain the benefits of a private partnership, such as our independence, strict sense of responsibilities and our long-term management outlook while ensuring that our interests remain aligned with those of our clients,” says Patrick Odier (pictured), senior partner of Lombard Odier & Cie. “The Lombard Odier Group will continue to be distinguished by its partnership structure, which offers a personal and lasting commitment on behalf of all of the partners to the management of the group.”
The bank’s activities in Switzerland, today conducted through Lombard Odier & Cie, will in future be conducted through a limited company, in the same way as all operational entities of the group.
For clients and staff of the bank in Switzerland, this evolution is essentially legal in nature. The new entity will automatically succeed the previous one and will continue to offer exactly the same services. Its commercial organisation will be unaffected and its activities in the areas of wealth management, asset management and support will continue with exactly the same excellence and rigour.
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