Lombard Odier Darier Hentsch & Cie., Geneva's oldest private bank, aims to double the wealth it manages in Japan to ¥200 billion in five years through tieups with local lenders led by Chiba Bank Ltd.
The Swiss firm, which has alliances with four regional lenders, including Shizuoka Bank Ltd. and Yamaguchi Financial Group Inc., plans to clinch accords with another five banks to boost access to more wealthy families and business owners, said Norbert Joue, president of Lombard Odier's Tokyo office.
Lombard Odier's efforts come after Barclays PLC last year allied with Sumitomo Mitsui Financial Group Inc. to tap assets of rich Japanese seeking to diversify their retirement portfolios. Japan has the world's second-highest population of millionaires, trailing only the U.S., according to Capgemini SA and Bank of America Corp.