Union Bank of the Philippines, the banking unit of the Aboitiz Group, has inked a cooperation agreement with the Swiss private bank Lombard Odier to expand its wealth and asset management operations.
The partnership between the two parties will lead to the launch of a new global fund in the Philippines for upscale clients.
“The agreement will see the launch of a global and diversified multi-asset fund with a risk profile matching UnionBank’s specific needs for its high-net worth and ultra-high-net-worth clients,” UnionBank said in its regulatory filing.
The alliance is part of UnionBank’s plan to offer a more customised wealth management.
Geneva-based Lombard Odier focuses on asset and wealth management, institutional asset management and private banking services, and managed $224bn in total client assets as of the end of December 2015.
The Swiss bank has 26 offices across the globe and employs nearly 2,180 staff. Its investment professional are based in offices across the globe including New York, London, Singapore, Hong Kong, Tokyo, Luxemburg, and Switzerland.
UnionBank currently operates from 293 branches across the nation, which it plans to increase to about 300 by the end of the year.