Lombard Odier hires Loo for private client role

Swiss private bank Lombard Odier has appointed ex-Citi private banker David Loo as head of private clients for North Asia, a new role at the firm.

Loo, who assumed the role on Wednesday and is based in Hong Kong, reports directly to Vincent Magnenat, head of private banking Asia Pacific for Lombard Odier. Loo will oversee the development of the bank’s business in North Asia markets.

Loo is a veteran banker with over 20 years of experience in the financial industry in Hong Kong. He joined Lombard Odier from Citi Private Bank, where he spent over a decade in various roles, including as team head for Hong Kong and head of investment counselling for the Philippines and Greater China. Prior to joining Citi Private Bank, Loo worked at Coutts, UBS Private Bank and Bank of America Trust.

In Hong Kong alone, the combined net worth of ultra high-net-worth individuals rose 12.3% to $595 billion in 2014, while the average-net-worth rose 7% to $178 million – almost $40 million more than the global average, according to a Wealth-X and UBS report late last year. The number of high net worth individuals rose 4.9%.

The boutique firm is not alone as it looks to service this rising wealth in North Asia. In January this year, Standard Chartered appointed Alison May Chan as managing director, ultra high-net-worth solutions (UHNW), private banking clients for Greater China, a new role for the bank and reflecting its increasing focus on the super rich segment.

Last year, Credit Suisse hired Rickie Chan as a managing director and market leader for Greater China, to drive business development in China mainly among very rich clients.

Lombard Odier’s activities in the Asia-Pacific region are primarily focused on discretionary portfolio management, catering to clients looking to grow their assets over the long term.

Lombard Odier has been present in Asia for over 25 years with offices in Hong Kong, Tokyo and Singapore and has more than doubled its presence in the region over the last three years.

The Swiss private bank has also been expanding into Southeast Asian markets through alliances. Late last year, Lombard Odier entered the Thai wealth management market through a partnership with Kasikornbank, one of Thailand’s largest financial institutions.

Lombard Odier offers clients wealth management, financial products and other services including legal counsel, inheritance planning and philanthropic advice. Its total client assets were $216 billion as of 31 December 2014, of which assets under management accounted for $162 billion.