«We invest substantial time with our clients, and this commitment proves invaluable in uncertain times,» stated Frédéric Rochat, Managing Partner and Head of Private Banking at Lombard Odier, during a press briefing in Zurich on Wednesday.

Rochat emphasized the bank's strong performance, highlighting Zurich's pivotal role in its success, where Lombard Odier has established a 35-year presence.

Expansion Strategy Symbolized by Zug

Since February, Sabine Heller has been overseeing the Swiss market. The former Credit Suisse executive turned down an offer from UBS to join Lombard Odier. Heller sees significant potential in the Swiss market, particularly in the German-speaking regions. The recent opening of a new office in Zug symbolizes the bank’s strategy to enhance its presence and maintain close client relationships. «With our international mindset, we are the ideal partner for many affluent clients», Heller asserts.

Juso Initiative Sparks Controversy

Despite favorable conditions, the Juso Initiative presents a major challenge. The proposal seeks to impose a 50 percent inheritance and gift tax on assets exceeding 50 million Swiss francs, with proceeds earmarked for climate crisis mitigation.

According to Rochat and Heller, the initiative has become the predominant topic in client discussions since its introduction in June. It has caused significant uncertainty and is seen as atypical: «Switzerland is known for its stability and predictability. This initiative sends a very different signal internationally,» remarked Rochat .

Businesses Considering Alternatives

«The Juso Initiative is devastating for the Swiss economy», warns Rochat. He argues that the proposal would impact not just wealthy individuals but also threaten the backbone of the Swiss economy: the many leading and successful small and medium-sized enterprises, many of which are privately owned and could be directly affected by this initiative.

«From our discussions with clients, we know that countless Swiss entrepreneurs are considering alternatives,» he adds.