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The move is part of increasing trend among Swiss banks to
reestablish ties to American customers years after many
financial institutions were hit with hefty fines following
disputes with U.S. tax authorities over offshore wealth.
Under the deal Lombard Odier will sell its existing
discretionary and advisory wealth management business with U.S-based
clients through an asset transfer to Vontobel. The business
manages assets of approximately 600 million Swiss francs ($602
million) for international private wealth management clients
based in the United States.
In addition Vontobel will take over any of Lombard Odier's
U.S.-based brokerage private clients who want to switch to a
wealth management or advisory relationship. Lombard Odier
manages another roughly 600 million francs through its private
brokerage, which is based in Montreal, Canada.
"North America is one of our focus markets in which we intend to
achieve above-average growth," said Georg Schubiger, head of
Vontobel Wealth Management.
"With the acquisition of Lombard Odier's discretionary and
advisory wealth management business with U.S.-based clients, we
are supporting our organic growth in this region."
Vontobel said it would complete the deal, which was for an
undisclosed sum, from its own funds. It was expected to be
completed in the first half of 2019.
($1 = 0.9963 Swiss francs)
(Reporting by John Revill, Editing by Tassilo Hummel and Michael
Shields)
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