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Hong Kong’s external asset manager market has a lot of ‘traps’, so private banks need to be ‘super-selective’ when picking local partners, said Lombard Odier’s Laurent Pellet.
The EAM sector has expanded rapidly in recent years, becoming a major battleground as private banks chase assets. But it’s an area replete with risk and cannot be approached as an easy way to boost inflows, stressed Pellet (pictured), the Swiss bank’s global EAM head.
It is a ‘significant’ business channel for Lombard Odier, which works with 450 EAMs worldwide. Around 30 of those are in Asia, predominantly Singapore, where the bank has a booking centre.
