Combined Swiss private bank Lombard Odier Darier Hentsch (LODH) has trimmed its Luxembourg Sicav fun...
Combined Swiss private bank Lombard Odier Darier Hentsch (LODH) has trimmed its Luxembourg Sicav fund range from 80 to 60 funds following the merger.
The renamed LODH Invest suite of funds has undergone rationalisation this year, following Lombard Odier's merger with Darier Hentsch last summer.
Antony John, head of institutional business and client services at LODH, said the group acted to remove duplication from its fund range and merge portfolios too small to be economically viable.
Darier Hentsch's Biotech fund has been merged into Lombard Odier's Life Sciences portfolio and the Darier Henstch's technology and core Far East, Japan, Pacific, China and Japan funds have all been merged into their Lombard Odier counterparts.
However, John added, Darier Hentsch's Consumer and Industrials sector funds have been retained to fill the gaps in the LODH sector fund range.
The amalgamation of the two groups has led to redundancies, with the combined staff count being cut from 2,150 to 1,800. Meanwhile, the group's Montreal and Hong Kong offices have been merged to remove overlap.
The majority of the redundancies have been from the marketing, sales and IT departments, according to John.
Consistency and compliance vs. slower reaction time
Search for replacement to begin imminently
60+ £300bn ISA savings
Has technology moved on?
Total funds on list rise from 26 to 58