Lombard Odier has maintained a relatively quiet presence in Asia, but certain factors give the bank a competitive edge, even without a booking centre in Hong Kong, according to Omar Shokur, who became regional head of private clients, Asia, in March.

Speaking to Asian Private Banker, Shokur outlined the bank’s strategy to “Asianise” its product platform, hire selectively, and strengthen its presence in key markets, including Hong Kong, Singapore, Japan, and Zurich.

While the bank has kept a low profile in the region, Shokur said that approach is set to change, noting that wealth management initiatives often require juggling multiple projects simultaneously.

This approach allows Lombard Odier to enhance its platform while continuing to hire. Some hires have already been made, but Shokur noted this is just the start. 

“The objective is, as I’ve done in my previous job, to remain selective and not to go for hundreds of hires,” he explained. “The objective is to grow at least 50% in bankers or investment experts within the next three years. So we’re really progressively increasing the speed of our hiring plans over the next few months.”

Shokur joined Lombard Odier from Indosuez Wealth Management, where he served as Asia CEO for five years. He began his career at Crédit Agricole Group, where he held various senior roles.

“Perhaps the question for other private banks is—what percentage of new accounts are booked in Hong Kong versus Singapore?”

Omar Shokur

What about Hong Kong

While Singapore and Japan serve as Lombard Odier’s booking centres, Hong Kong does not, a point that might seem like a disadvantage compared with peers. Shokur, however, sees it differently, stressing that Hong Kong still remains a key market and that maintaining a presence there is critical to capturing growth.

“I believe we can grow our North Asia business from Hong Kong with our actual model. Meaning with a servicing model in Hong Kong and booking in Singapore or Switzerland,” he said, adding that “perhaps the question for other private banks is—what percentage of new accounts are booked in Hong Kong versus Singapore?”

He observed that while much of North Asia’s wealth continues to be serviced through Hong Kong, bookings have increasingly shifted to Singapore and Switzerland, with Singapore seeing faster growth in recent years.

Lombard Odier has private banking teams in Singapore, Hong Kong, and Japan, as well as a team in Zurich covering Asian clients. The group’s total assets under management stood at CHF 211 billion as of 30 June 2025, including both asset management and private banking assets, of which CHF 62 billion are asset management assets.

Other markets

In Japan, Lombard Odier holds a trust banking licence and targets the high-end of the wealthy client segment across key markets, including Taiwan, China, Indonesia, Malaysia, the Philippines, and Thailand.

“My objective for the next, not only six months, is to build an engine where the contribution comes in a steady manner from all engines, be it Japan, Hong Kong, Singapore, or Switzerland, in a relatively well-diversified way, but with the right clients.”

“We haven’t been strong enough in that more ‘Asianised,’ short-term idea space because the Lombard Odier model has always been asset allocation driven.”

Omar Shokur

Over the years, Lombard Odier has built strategic alliances with onshore banks, including Thailand’s Kasikornbank, Japan’s Mizuho Financial Group, the Philippines’ UnionBank, Taiwan’s Taipei Fubon Bank, and, more recently, Malaysia’s Hong Leong Bank, to provide its wealth management expertise to HLB’s clients in Malaysia and the region.

Asianise the platform

Shokur said Lombard Odier is adapting to a region where many clients remain in a transition phase. While Asia is gradually moving toward a more holistic, asset allocation model, client preferences still lean toward short-term, transactional, and product-advisory-driven approaches.

“In fact, in Asia more and more banks are moving towards the asset allocation direction, but the prevailing advisory model has remained largely product-driven,” Shokur said.

“Perhaps we haven’t been strong enough in that more ‘Asianised,’ short-term idea space because the Lombard Odier model has always been asset allocation driven,” he added.

“Ultimately, the asset allocation model is the target model for most of us and our clients. But as some clients still prefer short-term, product-advisory approaches, this remains an area for improvement in Lombard Odier Asia. We are still in a transition period, and client preferences continue to reflect that,” Shokur continued.

Highlighting the bank’s competitive advantage, Shokur pointed to Lombard Odier’s stability. “If you look at Lombard Odier, what we call core Tier 1, which is capitalisation, is one of the highest in the world at 32%. At other banks, the figures are lower. So, we have a very strong and well-capitalised bank.”

He added that Lombard Odier has been building its asset allocation approach for a long time, while most other banks have only recently moved in that direction. “This investment-house-driven asset allocation model has been in place for some time. This part of the bank’s history helps.”