Lombard Odier has had a presence in the Middle East for 50 years, and manages roughly $280 billion in assets.
Lombard Odier is in the planning stages of a partnership with a Saudi institution, Limited Partner Arnaud Leclercq told CPI Financial. The firm also plans to open an office in Abu Dhabi in 2019.
“They have presence elsewhere as well, but it’s a Saudi institution,” Leclercq told CPI Financial.
Lombard Odier is only in talks with one institution in Saudi Arabia. It has worked with Saudi firm Sedco Capital on its Islamic offering, but that is not the firm with which Lombard Odier is planning this particular partnership, Leclercq told CPI Financial.
Lombard Odier plans to follow the template the firm has set in Asia, where it has made partnerships with local institutions so that the assets of clients remain in the country rather than bringing the assets to Switzerland.
“We bring the international asset management to the local partner, and he has to stay in the country, which is a very unique model," said Leclercq.
The Geneva-based firm has also signed deals across Asia, including in the Philippines, Thailand, and Indonesia.
Lombard Odier has had a presence in the Middle East for 50 years, has a representative office in Dubai, and manages roughly $280 billion in assets. The move follows Lombard Odier's announcement that it will be offering Shari'ah-compliant investment solutions, with a specific aim at customers in the UAE, Saudi Arabia, and the GCC region.