For over two centuries, Swiss private bank Lombard Odier has discreetly yet strategically served global wealth from its Geneva headquarters. But as family fortunes and financial centres evolve, the venerable institution is making a sizable statement in the Middle East with the opening of a new hub in fast-growing Dubai.
The move marks an inflection point for the 225-year-old firm and a vote of confidence in Dubai’s rise as a magnet for private capital, global enterprises, and the world’s mobilising talent. It follows Lombard Odier receiving approval in September to operate its wealth management business from the prestigious Dubai International Financial Centre (DIFC), regulated by the Dubai Financial Services Authority (DFSA).
“We have been focused historically on GCC nationals, who were served out of Switzerland. We have been serving clients in the region for the past 50 years, out of which 17 years were from our local representative office,” says Arnaud Leclercq, Partner and Head of New Markets at Lombard Odier. “However, as Dubai and the DIFC have strengthened their regulatory framework, attracting growing international clientele, the demands of clients have evolved.”
Engaging a new generation of wealth
Today’s investors, particularly younger generations inheriting family wealth, are increasingly engaged in actively managing their assets and seek closer collaboration with trusted advisors. “They want a lot more direct contact and proximity compared to simply meeting with their banker once or twice a year as in the past,” notes Amer Malik, Head of Middle East International at the Swiss private bank Lombard Odier.
To better serve these evolving needs, Lombard Odier has invested heavily in technology to deliver highly personalised client experiences through goal-based planning tools analysing individual cash flows, assumptions, and potential portfolios to achieve financial goals. This emphasis on bespoke solutions reflecting each client’s unique aspirations aligns well with the discerning clientele Lombard Odier attracts globally.
Surprisingly, even industry disruptors from the new economy like app developers seeking guidance for profits realise the intrinsic value of Lombard Odier’s conservative heritage. “These tech entrepreneurs know we are truly independent as we control our entire tech infrastructure internally with over 200 dedicated developers, offering further assurance for entrusting one’s assets long-term,” says Leclercq.
Beyond reputation: Identifying emerging opportunities
While sustainability has long been a personal priority for partners at Lombard Odier, the bank views it increasingly through an investment lens given the vast opportunities emerging markets presents. “We are not an NGO but an investment house, and clearly see sectors like electrification enabling 30 percent reductions in carbon impact across industries like transport, infrastructure, and more – creating exciting risk-adjusted returns,” notes Leclercq.
To effectively capture these opportunities amid transitioning companies, Lombard Odier has wholly restructured its equity research division, establishing a partnership with Oxford University and Systemiq to reskill analysts in sustainability frameworks while growing teams significantly. “It is a significant undertaking but vital given the scale of change and complexity in identifying those best positioned for transition 10-20 years out,” says Leclercq.
The UAE at the forefront of growth and innovation
Within this context, Lombard Odier is bullish on the evolving role and investment prospects within the UAE. “We are seeing unprecedented interest from international investors and young entrepreneurs relocating permanently due to the stability, lifestyle and economic diversification Dubai offers between East and West,” says Malik.
Under initiatives like Dubai 2033, the government is increasingly focused on environmental sustainability, innovation and developing a knowledge economy less reliant on oil through initiatives attracting foreign talent. Combined with the ongoing expansion of regulatory frameworks under the DIFC, Lombard Odier believes the UAE is positioned as a future economic leader bridging continents.
For Lombard Odier, establishing a regulated presence allows fully serving an evolving client base increasingly active in the Middle East. With a roster of family assets managed globally for generations with bespoke and sophisticated solutions, Lombard Odier is well-equipped to help navigate these dynamic times of wealth expansion and transition in the Gulf. As investors worldwide prioritise sustainability, the bank remains at the forefront – a trusted partner for the long-term in this pivotal region.
A focus on the next generation
While Lombard Odier maintains long-standing relationships with patriarchal families, next-generation clients are playing a greater role. As Leclercq notes, “the younger generation inheriting are often more involved, with demands on aspects like sustainability and typically more investment savvy than predecessors solely focused on developing businesses.”
Malik concurs, seeing growing interest from “young entrepreneurs in their 30s and 40s settling in Dubai in record numbers.” Surprisingly, even at early stages many approach Lombard Odier “asking us to advise them on asset allocation, and we find them increasingly knowledgeable about markets.”
This trend is global for Lombard Odier. As Leclercq observes, “across regions not just the Middle East, we clearly see demand rising from the 40-50 age group, who inherit but have different views often focused more on emerging themes like sustainability.”
To stay ahead of this curve, Lombard Odier takes a long-term view. As Malik states, “sustainability is about a company’s future ability to transform over 10-15-20 years – not just assessing their status today.” This perspective shapes the bank’s strategy.
Dubai’s rise as a financial centre
Lombard Odier’s expansion underscores Dubai’s ascent as a regional financial hub. As Malik notes, “the DIFC regulatory framework is now top notch, and clients want that stability along with FINMA regulation we must also abide by from our Swiss licence.”
Leclercq agrees the DIFC was the obvious choice: “in the region, the regulatory framework and name has grown worldwide – we want to follow international clients now staying in the region, no longer just served from Europe.”
Part of Dubai’s value proposition relates to its central location. As Malik observes, “proximity is important as clients now want constant touchpoints versus meeting bankers twice yearly. Having an on-the-ground presence ensures that.”
Looking ahead, Malik remains optimistic: “Dubai will continue attracting diverse wealth as lifestyle and safety combine here. The wealth generation happening across the UAE is why we have Abu Dhabi presence as well.”
Lombard Odier is well-equipped to support continued growth, thanks to flexible technological solutions. As Amer explains, “our goal-based planning tool analyses individual scenarios, running 100,000 computations to illustrate the most suitable portfolio to achieve financial objectives.”
Sustainability as the future of finance
In summarising Lombard Odier’s role, Leclercq underscores their focus on sustainability: “we are forward-thinking, committed to the next revolution which is sustainability – it will impact every industry and company worldwide, representing significant investment opportunities if we identify the leaders.”
As Lombard Odier’s Middle East operations continue to grow under the guidance of Malik and his local team, the bank is cementing its role as a long-time partner to the region’s continued advancement. With a strategic vision formed by over two centuries of navigating global change, Lombard Odier is well-positioned to leverage its deep expertise, pioneering technologies, and commitment to sustainability to help Middle Eastern clients achieve their wealth management goals and leave a lasting positive impact for generations to come.
Through its expansion in Dubai, one of the world’s foremost centres of finance, innovation and multicultural exchange, Lombard Odier signals its confidence in both the emirate’s promising future and its own ability to guide clients through whatever opportunities and challenges tomorrow may bring in this pivotal region.