Concept
Lombard Odier is Geneva's oldest private bank: the house was founded here 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 — Uzbek authorities barred her from travelling to the trial, and without her in person a first-instance judgment could not be reached before the limitation period expired. The discontinuance is procedural: no first-instance finding was made on her role in these accounts.
- On 27 July 2026 the court delivered its verdict: the bank was convicted of failing to take all reasonable and necessary organisational measures to prevent money laundering and fined CHF 3 million; the former relationship manager received a 24-month suspended sentence for aggravated money laundering; assets of roughly CHF 400 million were ordered confiscated. The judgment is not final: the bank has stated its disagreement — prosecutors never alleged that Lombard Odier knowingly participated in money laundering — and is appealing to the Appeals Chamber of the Federal Criminal Court.
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 |
| Profile connected with Russia | Individual: confirm with the bank | mandate subject to eligibility and 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. The figures above are practice guidelines, not a published tariff: the bank publishes no formal minimum, and the number for a specific mandate is named only in correspondence with the bank itself.
Russian Client in 2025–2026
For a profile connected with Russia, confirm eligibility with the receiving Lombard Odier entity. Assess nationality, residence, source of capital and sanctions separately; neither a passport nor a residence permit establishes the outcome by itself.
Working Profile
- Country of residence and immigration documents accepted by the receiving entity, with any applicable sanctions exception assessed separately.
- Screening of the client and beneficiaries under the sanctions applicable to the receiving entity and its own policy.
- Disclosure and assessment of PEP/SOE ties and sectoral sanctions exposure under the bank’s risk policy and applicable law.
Limitations and Format
- Swiss Article 20 restricts the acceptance of deposits above a total of CHF 100,000 per customer at a bank for persons within its scope, subject to exceptions. This is not a universal ban on a new investment mandate; securities custody has a different treatment under SECO guidance.
- Documented Source of Wealth for the periods requested by the bank; agree whether a personal meeting is needed and where.
- Ask the receiving entity for its estimate after reviewing the initial profile. Extra checks can extend onboarding; the bank’s unpublished internal process does not support a guaranteed 12–20-week timetable.
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 documented wealth formation and a profile accepted by the receiving entity.
Not Appropriate
- Assets below CHF 1–3M.
- Profiles outside the receiving entity’s residence, sanctions or PEP/SOE risk criteria.
- 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 case concerns nine historical accounts from 2008–2012. On 27 July 2026 the first-instance court fined the bank CHF 3 million for organisational failings; the bank is appealing and continues normal operations — its FINMA licence is unaffected. 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.