Switzerland’s Lombard Odier private bank has opened an office in Italy – one of Europe’s top performing fund markets for sales in recent years.
The Milan office is part of a plan of “targeted expansion” in Europe, the bank said. Lombard Odier has offices in Paris, London and Moscow, among other locations.
Italian investors invested €47 billion in funds in 2015, according to Lipper figures, and data from industry association Assogestioni earlier this year showed Italy’s assets under management stood at €1.8 trillion compared to €842 billion in 2012.
Lombard’s Milan office is for private clients who will be offered wealth management services wealth planning and portfolio management.
The office is headed by Massimiliano Sorbi, who was appointed to the role in September and previously worked at Lombard in Lugano, Switzerland.
Franklin Templeton’s opening of three offices in Italy in 2014 reflects increasing asset management interest in the country.
Lombard Odier Asset Management (Europe), the asset-management company of the bank, opened an office in Milan in 2011 to support distribution partners and provide institutional clients
Frederic Rochat, Lombard Odier Group’s managing partner, said: ”We have been looking after Italian entrepreneurs and their families for a long time. We have always been impressed by the entrepreneurial spirit one can find in Italy and the quality of many of its manufacturing and services industries.”
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