Lombard Odier reported total revenues of 655 million Swiss francs for the first half of the year, which is 6 percent lower than the same period last year, according to a statement released on Thursday.

The decline is primarily attributed to the interest rate business, as seen in many other institutions. Lombard Odier was significantly impacted, with a 30 percent drop due to higher deposit costs resulting from the transition to interest-bearing products.

Increase in Assets Under Management

On a positive note, the bank's assets under management (AuM) increased. The private bank reported a growth of 209 billion francs in the first half of the year, an 8 percent increase, largely driven by positive market and currency effects.

The group's client assets totaled 318 billion francs at the end of June, up from 296 billion francs at the end of 2023.

Net Profit Down by 15 percent

Operating expenses rose by 3 percent to 540 million francs, largely due to the investment program and the costs associated with the upcoming move to a new headquarters. Net profit stood at 115 million francs, a 15 percent decrease compared to the previous year.

New Partner

The private bank has also announced a significant change in its partnership group. Alexandre Zeller will retire and step down as Managing Partner of Lombard Odier at the end of 2024, concluding his tenure that began in 2019.

His successor, Xavier Bonna, who has been with Lombard Odier since 2016, will take over as the new Managing Partner at the start of the new year.

Bonna, the son of former Lombard Odier partner Jean Bonna, has previously held various senior roles within the private banking division, primarily focusing on managing the bank's high-net-worth clients.