Concept
Lombard Odier is Switzerland's oldest private bank: the house was founded in Geneva in 1796 and remains entirely owned by its managing partners. The model is pure wealth and asset management, without retail, corporate lending, or proprietary investment banking: revenue comes from management and custody fees, not balance-sheet market risk. As of end-2025, total client assets stand at CHF 349 billion, assets under management at a record CHF 223 billion, and the CET1 ratio at 33%—double the regulatory minimum.
History and Context
The bank traces its history to 1796; the names Lombard and Odier became fixed in the title during the 19th century. For nearly two centuries the house remained a partnership with unlimited personal liability of the partners; on 1 January 2014, together with Pictet, it converted to the form of société en commandite par actions (SCA)—a corporate partnership with share capital—and left the Association of Swiss Private Bankers, membership in which required unlimited-partnership status. Today the group is owned by six managing partners (as of 1 January 2026), with Hubert Keller as senior managing partner. In 2025 the bank consolidated its Geneva teams in a new campus in the Bellevue district (Herzog & de Meuron architecture)—more than two thousand employees under one roof.
The group operates across three lines: private clients, institutional management through Lombard Odier Investment Managers, and a technology division that provides a banking platform to other banks and managers. The signature theme is sustainable investing: the CLIC philosophy (Circular, Lean, Inclusive, Clean) is embedded in the investment process.
Regulation and Enforcement Background
- Licence and supervision—FINMA, Swiss Banking Act regime; esisuisse deposit protection up to CHF 100,000 per depositor.
- Tax transparency—automatic CRS exchange since 2017 and FATCA: a Geneva account is visible to the tax authority of the client's country of residence.
- On 26 November 2024, the Swiss Attorney General's Office charged the bank and a former employee with aggravated money laundering in the Gulnara Karimova and "The Office" organisation case: nine accounts from 2008–2012, allegations concerning identification of beneficiaries, review of high-risk relationships, and work with PEPs. Proceedings in the Federal Criminal Court in Bellinzona opened on 27 April 2026; the court discontinued proceedings against Karimova herself due to her inability to appear, while proceedings against the bank and the former employee continue. The bank denies wrongdoing and characterises the allegations as organisational shortcomings in historical control procedures; no verdict has been issued as of publication.
Thresholds and Products
| Segment | Minimum | What's Available |
|---|---|---|
| Private banking, advisory mandate | guideline from CHF 1M liquid assets | advisory, custody, multi-currency |
| Discretionary management | practically CHF 3–5M | DPM, lombard lending, open architecture, sustainable strategies |
| Russian origin, non-resident of RF | from CHF 5M | same mandate, enhanced due diligence |
| Family-office level | individual | consolidated reporting, succession, dedicated team |
Supported scenarios: discretionary and advisory mandates, multi-currency custody, lombard lending against portfolio, sustainable and thematic strategies, wealth planning. Booking centres—Geneva, Zurich, London, Luxembourg, Singapore, Hong Kong, Dubai.
Russian Client in 2025–2026
Acceptance is selective. The bank has publicly stated that it does not refuse on the basis of passport—sanctions profile and transparency of source of capital are decisive; practice is nonetheless conservative.
Working Profile
- Residence outside RF: Switzerland, EU, United Kingdom, UAE, Singapore, Hong Kong.
- Clean screening of client and beneficiaries against US, EU, UK, and Swiss sanctions lists.
- No PEP/SOE ties or sanctioned sectors.
Limitations and Format
- For RF residents, the Swiss ceiling mirrors the EU: deposits up to CHF 100,000—a new mandate for an RF resident is effectively impossible.
- Documented Source of Wealth for 3–5 years; personal meeting in Geneva or Zurich.
- Realistic cycle—12–20 weeks with enhanced due diligence.
Cases from Practice
Mandate with ESG Priority
Family, UK residents, CHF 12M. Discretionary mandate with sustainable strategies and consolidated reporting for two generations.
Second Bank Alongside Pictet
Client with CHF 30M+ diversified custody: main mandate at Pictet, parallel mandate at Lombard Odier. Different management styles, unified tax package.
Refusal Due to Capital Trail
Non-resident with proceeds that passed through an opaque jurisdiction without audit. Compliance committee halted the case pending restoration of documentary trail.
Where Lombard Odier Is Appropriate and Where It Is Not
Appropriate
- Families with a 10–20+ year horizon and demand for a partnership model.
- Priority on sustainable investing and thematic strategies.
- Custody diversification alongside Pictet or UBS.
- Capital of Russian origin with clean profile and residence outside RF.
Not Appropriate
- Assets below CHF 1–3M.
- RF residents and sanctions exposure, PEP/SOE.
- Crypto portfolios and fast remote onboarding.
- Operational payments and commercial banking.
Alternatives
| Bank | Profile | Minimum |
|---|---|---|
| Pictet | largest Geneva partnership, broad alternative-investment platform | CHF 5M |
| Mirabaud | boutique partnership, personal model | CHF 2–3M |
| Julius Baer | public pure wealth manager | CHF 2M |
| UBS Global Wealth Management | universal bank, access to investment banking | CHF 2M |
Q/A
How does Lombard Odier differ from Pictet and Mirabaud
Pictet is larger (CHF 757 billion in assets) and stronger in alternative investments; Mirabaud is a boutique with a lower threshold of CHF 2–3M. Lombard Odier sits in the middle by scale with the most pronounced ESG profile of the Geneva trio and proprietary banking technology. The choice is determined by asset volume and investment priorities.
What does the criminal case mean for a client
The charges concern nine historical accounts from 2008–2012; the bank denies wrongdoing and continues normal operations. The practical effect for a new client is longer and deeper scrutiny of source of capital and ownership structure.
Is remote onboarding possible
No. A personal meeting in Geneva or another service centre is mandatory; video KYC works only as an intermediate step in document preparation.
How does the bank view crypto assets
Conservatively: custody of crypto assets is not provided; fiat proceeds from crypto sales are accepted only with a full trail through a licensed exchange. For crypto-origin capital, Sygnum or AMINA are more logical.