Lombard Odier’s assets under management fell by 49 billion in the first half

Lombard Odier saw its assets under management fall by 13% in the first half compared to the end of 2021, to 310 billion francs. The assets of the Geneva private bank thus fell by 49 billion compared to the end of 2021, of which 42 billion can be explained by the performance of the markets. Net outflows of funds of 7 billion were recorded between January and June, in particular following the departure of a customer from the bank’s IT platform. Fund inflows were positive in the group’s two other businesses, private banking and asset management. Operating income fell by 4% and net profit by 5%, to 136 million francs.