Hubert Keller: «I hope my style is the Lombard-Odier style»: Hubert Keller took on the top position at Lombard Odier at the beginning of the year. If he does his job well, no one will notice the change in leadership, the… hubertkeller LombardOdier
Mr Keller, last year left its mark on Lombard Odier's profits and assets under management. Now that the stock market conditions have improved, the Group should have had a brilliant start to 2023. Is this the case?
Our governance model is a partnership in which our six managing partners jointly own and lead the bank. We make our decisions unanimously. As the senior partner, I am responsible for facilitating decision-making in the partner body. In addition, I will increasingly represent the group to the outside world. I hope my style is the Lombard-Odier style! I've been a managing partner for 17 years now, so I'm very familiar with the culture and values of the bank.
The Group registered around 3 billion Swiss francs in new money in 2022, measured against 300 billion francs in client assets. Are you satisfied with that? Lombard Odier's earning power is very dependent on its assets under management, which proved to be an Achilles' heel for you in 2022. Are you comfortable with this dependency?
We do not break down the revenues of the institutional and private client businesses separately. However, the approaches to growth are different. While in Private Banking we are growing primarily through the acquisition of more client assets, in Asset Management the launch of new products, the scaling of existing offerings and the addition of new clients offer opportunities for growth.Investments have been our raison d'être since we were founded in 1796.
Several private bankers joined from your ailing competitor Credit Suisse. Are more of their former colleagues expected to follow?
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