June 10 (Bloomberg) -- Lombard Odier’s private bank in Asia is seeking to increase assets under management by as much as 20 percent a year by tapping millionaires from Hong Kong, Singapore, Tokyo and China.
Asian assets at Geneva’s oldest bank, which employs 40 private bankers and manages $8 billion in the region, have expanded by 15 percent to 20 percent since the end of last year, Vincent Magnenat, the firm’s head of private banking for Asia, said in an interview in Singapore last week.
“We want to grow it at that pace for as long as the market would grow,” Magnenat said. “The demand for discretionary portfolio management is increasing in Asia,” he said, referring to client funds for which his firm can make direct investment decisions.
Rich Chinese helped make Asia the fastest-growing region for affluent families last year, according to a study released today by Boston Consulting Group. Private wealth in the Asia- Pacific region excluding Japan jumped 31 percent to $37 trillion in 2013 from a year earlier, supporting a 15 percent advance in global wealth to $152 trillion, the report showed.
Lombard Odier was established in 1796. The bank manages about $200 billion globally, which includes assets of both private and institutional clients, Magnenat said.