SWITZERLAND - Swiss private bank Lombard Odier Darier Hentsch has closed its London institutional investment operation amid plans to adopt a more global stance.
A spokesperson accepted that the bank had met with performance issues in the UK, but said this was not behind the decision to move out.
“There have been issues of performance in London,” he said. “Anybody who has looked at the performance figures in terms of the Lombard Odier funds in London will see that [the funds] have struggled, but that’s been nothing new and a lot of others have suffered as well.
“Has that driven [the closure]? No, it’s been a general move over time. There has been less business coming to Lombard Odier from London. It’s been less aggressive in London.”
The corporate bond research team, who were the last remaining UK-based division of the bank’s institutional asset management arm, will be relocated to Amsterdam. The team consists of about six people.
This follows a redeployment of the bank’s institutional equities division to Geneva two years ago.
The spokesman stressed that the institutional business was being “relocated rather than shut.”
“It’s been part of a global plan to make the bank seem more efficient across a global play rather than just having a stand alone office in the UK that can do all things in the UK,” he said.
He did not think move to Amsterdam would affect the firm’s ability to service clients, adding “global clients are just as happy to be serviced from Amsterdam or Geneva as they are from London.”
The private banking arm in London will remain active, as will an equity brokerage sales team selling research into the UK institutional market.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.