Swiss-based private bank and asset manager Lombard Odier has signed a deal allowing it to distribute funds to private clients of UnionBank of the Philippines.
The deal with UnionBank, founded in Manila in 1982, is the latest in a series of distribution agreements in Asia aimed at reaching new customers. Lombard Odier signed a similar deal with Kasikornbank in Thailand in December 2014 and also boasts partnerships with financial firms in mainland China, Japan, South Korea and Australia.
As part of the deal, the firms plan to launch a global multi-asset fund aimed at UnionBank's high-net-worth and ultra-high-net-worth clients.
"Today's agreement allows Lombard Odier to offer UnionBank's onshore private clients in the Philippines access to best-in-class global investment solutions for the first time," said Vincent Magnenat, head of private banking, Asia Pacific, at Lombard Odier.
Eugene Acevedo of UnionBank said he hoped the firms would be able to safeguard clients' wealth "despite the highly volatile and low-growth global investment environment".
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