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INVESTMENT NOTES
SWITZERLAND
09.10
09 october 2015
Increase exposure to European banks (i.e. BNP) and US Tech (i.e. Alphabet)
as we believe there is value to extract from these two sectors in Q4.
Invest in a 3-year USD Leveraged Certificate on Abbott (R), Abbvie (R) and
Merck (R) with a barrier 60% at maturity and participation level of 200% to
the basket, following the recent healthcare sell-off, which offers attractive
entry points.
Buy the LO Alpha Japan Fund: the time has come to accumulate Japanese
equities, which suffered from the Chinese turmoil, and are now offering nice
entry levels from a fundamental, technical and valuation perspective.
Table of contents
Fixed income
p.04
Equities p.06
Weekly publication of the Specialised Portfolio
Management Team of Lombard Odier
Contacts
CP-ADVISORY@lombardodier.com
Currencies p.14
MARKET UPDATE
THIS PAST WEEK
Stocks continue to recover
Economic data
In the US, the widening in trade deficit, from USD 41.8bn in July
to USD 48.3bn in August, was not as bad as anticipated. In Europe,
German feeble August IP was in focus, echoing weak factory orders.
Indeed, German industrial orders fell unexpectedly in August, and
were revised down for July, in a sign that the slowdown in emerging
markets is beginning to take its toll on Europes biggest economy.
China FX reserves point to continued outflows as they fell another
USD 43bn last month, better than feared. This will help to reduce
worries that we could see another sharp yuan depreciation in the near
term. Finally, the IMF lowered its global outlook bringing the new
projections in line with the market consensus.
US earnings season
Compared to 3Q14, sales are expected to fall 3%, while analysts
expect a decline of p.04 in EPS. Excluding the battered energy
sector, EPS is expected to increase by 2.2%. Given the recent
uncertainty over the global economic backdrop, a reassuring earnings
season would offer clear support to equity markets. Actual earnings
per share for the S&P 500 have exceeded estimates in each of the last
25 quarters. This routine beating of expectations is one of the reasons
why the beginning of the earnings season is often a period of positive
returns for the S&P 500.
4.50%
4.13%
4.00%
3.50%
3.00%
2.50%
2.26%
2.00%
1.50%
1.06%
1.00%
0.50%
0.06%
0.00%
Global Bonds
Global Convertibles
Global Equities
Global Commodities
Hedge Funds
Page 02/20
ECONOMIC CALENDAR
PERSPECTIVES
While the outlook for global growth has been further clouded
by weakness in manufacturing and persistent capital outflows
from EM economies, the negative print on US non-farm payrolls
triggered the classic return of the Bad news is Good news
confusion with a massive run in risky assets as it supported the
view of the Fed staying on hold
The US continues to be the focus of investors attention,
and the Q3 earnings kick off will certainly be the dominant
story next week to judge from both its economic strength and
the impact of the US dollar on corporates. We reiterate our
message of selectivity and agility. Although focus is likely to
be on financials next week (see our Earnings results calendar
tab on the right) we reiterate our conviction regarding the new
tech parent company of Google, Alphabet (see p. 08), and
recommend investors to position before their earnings report
in two weeks.
2015
USA
13/10
Europe
Asia
09/10 Wholesale
Industrial
Inventories MoM Production (FR,
IT)
12/10
Exports (ID);
Home Loans (AU)
Industrial
Production (IN);
Exports (IN)
Trade Balance
(CH)
PPI (CH, JN); CPI
(CH)
Unemployment
(AU); Industrial
Production (JN)
Exports (SI)
EARNINGS RELEASE
2015
North America
Europe
09/10
12/10
13/10 Johnson & Johnson; JP
Morgan; Intel
14/10 BlackRock; BoA; Wells
Fargo; Netflix
15/10 Goldman Sachs; Citigroup;
Schlumberger; Philip Morris
16/10 General Electric
Source: Bloomberg, as of 08 October 2015
Page 03/20
FIXED INCOME
OUTLOOK
PORTFOLIO CONSIDERATIONS
Bad news is (again) good news: the weak NFP report, which sent
the FED rate hike expectations as far as 2016, gave a boost to a
renewed risk-on mood. The move was helped by the rebound
in commodities and the oil complex (up around 10% in just a few
days). After a sharp drop, sovereign yields are now trading at their
low ranges (2% for the US 10yr and 0.60% for the German 10yr),
credit spreads are coming down from their recent year high and
emerging markets are benefitting from positive fund flows. The
tone of the markets is slowly improving and global threats are
diminishing (but for how long?).
Credit preferences
Like
Neutral
Dislike
Emerging
Corporate
High-Yield
Indexed-linked
Governement
Source: Bloomberg, as of 08 October 2015
1.86%
2.00%
1.50%
1.00%
0.80%
0.76%
0.58%
0.26%
0.50%
0.00%
-0.50%
-0.22%
-1.00%
-1.05%
-1.50%
-1.35%
-2.00%
US
EU
US
Inflation linked
EU
Governments
US
EU
Corporates
US
EU
High yield
JPM EMBI
EM
Page 04/20
FIXED INCOME
INVESTMENT IDEAS
SWITCH IDEA: TRADE THE OLD GM IN EUR FOR THE
NEW ONE IN USD
Last year we recommended buying the GM 1.875 % 2019 in EUR.
Given the new issue GM in USD, we would recommend exchanging
the old EUR for the new USD, thus shortening the duration and
gaining 20bps yield, adjusted for currency basis.
On the back of the Volkswagen scandal, the whole automobile
sector suffered, with equities tumbling and credit spreads widening.
The companies most affected were German manufacturers. General
Motors did not suffer as much: spreads did widen but by a smaller
margin, of about 50 bps (5yr USD CDS). Before this event, GM bond
spreads contracted strongly in response to the 2014 case relating to
mechanical flaws discovered between 2003/2011, and which had
been overpriced by the market. During its last business conference
at the end of last month, the company announced a USD 5.5 bn cost
savings program, platform consolidation and development of its
luxury segment. The announcement was received very positively by
investors.
Switch idea GM
Page 05/20
EQUITIES
OUTLOOK
PORTFOLIO CONSIDERATIONS
With the main indices having rallied 3% to 5% from recent lows,
some ST consolidation would not be a surprise given that we are
now close to important resistance levels (3300 on the EuroStoxx
50, 2000 on the SP500 and 8800 on the SMI). What follows this
first leg of rally will provide an important clue as to what the
rest of the year might look like for equity markets. In terms of
positioning, we are moderately constructive on the asset class and
reiterate our message of selectivity and agility. We would take
advantage of the recent rebound to reduce sectors we are not
comfortable with in the medium term, which is typically the case
for commodities (i.e. Glencore), or stocks, which performed well
and look fairly priced at current levels (i.e. AB Foods).
Regional preferences
Overweight
Neutral
Underweight
Europe
Switzerland
US
Japan
EM Equities
Canada &
Australia
Index
S&P 500
Euro Stoxx 50
SMI
CAC 40
FTSE 100
Nikkei 225
Shanghai SE Comp.
MSCI Em Ma BRIC
Hang Seng
Bovespa
Sensex
Russia
Value
5 days
1 month
3 months
YTD
1,995.83
3,232.44
8,697.67
4,685.71
6,337.45
18,141.17
3,143.36
237.54
22,367.62
48,914.32
26,794.89
1,679.53
3.9%
5.3%
2.2%
5.9%
4.4%
2.4%
0.0%
8.6%
7.3%
8.6%
2.4%
3.2%
1.3%
0.0%
-0.7%
1.9%
3.1%
4.1%
-0.7%
10.7%
5.2%
4.6%
5.8%
-2.0%
-2.5%
-2.9%
-1.7%
1.0%
-2.4%
-8.1%
-22.5%
-9.5%
-4.9%
-5.5%
-3.2%
5.3%
-3.1%
2.7%
-3.2%
9.7%
-3.5%
4.0%
-2.8%
-9.4%
-5.2%
-2.2%
-2.6%
20.3%
Page 06/20
EQUITIES
INVESTMENT IDEAS
SELL AB FOOD GBP 3382 (REMOVED FROM RESEARCH
LIST TP GBP 3250)
AB Food
Page 07/20
EQUITIES
INVESTMENT IDEAS
BUY ALPHABET (RF PT 750)
Alphabet chart
Page 08/20
EQUITIES
INVESTMENT IDEAS
FOLLOW-UP ON SGS CHF 1808 (R PT 1985)
SGS chart
Page 09/20
FUNDS STRATEGY
LO FUNDSALPHA JAPAN (USD HEDGED), P
Important information The Fund referenced in this communication is only registered for public offering in certain jurisdictions
FUND FACTS
Domicile
Fund inception date
Registered in
Management fee
Distribution fee
Luxembourg/SICAV
22 July 2008
AT, BE, CH, DE, ES,
FR, GB, IT, LI, LU,
NL, SE, SG
0.75%
0.75%
The recent turmoil in China spread to its main trading partners and Japan was not immune:
it suffered a double digit market correction (-13.45%) in Q3. Recently we confirmed our
country O/W and would be comfortable increasing our allocation at current levels.
The LO Alpha Japan (USD Hedged), P fund (+ 1.12% YTD) should be well-positioned to
take advantage of this opportunity. Its portfolio is comprised of 55-80 stocks with the top ten
typically representing 30-40% of the Net Asset Value (NAV). Lombard Odier has partnered
with Alpha Japan Asset Advisors, a company comprising leading Japanese stock-picking
experts. Stocks are selected for their fundamental merits over the medium to long term, and
actively managed to benefit from sector rotations and flow reversals, a feature of the Japanese
equity market.
YTD
1 month
3 months
1 year
3 years
Total return
Fund
Benchmark
1.12%
-6.68%
-12.23%
5.40%
78.14%
62.13%
1.75%
-7.65%
-13.08%
7.92%
99.27%
83.50%
Low
7
High
For more details about risk, see related section Risk Factors
Annex of the prospectus.
REPRESENTATIVE
Austria - Representative: Erste Bank der
oesterreichischen Sparkassen AG. Belgium
- Representative: CACEIS Belgium S.A.
France - Centralising agent: CACEIS Bank
France S.A. Germany - German Information
and Paying Agent: DekaBank Deutsche
Girozentrale. Italy - Paying agents: Socit
Gnrale Securities Services S.p.A., State
Street Bank S.p.A., Banca Sella Holding
S.p.A., Allfunds Bank S.A., Italian Branch,
BNP Paribas Securities Services (with its
registered office in Paris). Liechtenstein Representative: LGT Bank AG. Netherlands
- Representative: Lombard Odier Asset
Management (Europe) Ltd, Netherlands
Branch. Spain - Representative: Allfunds
Bank, S.A. Switzerland - Representative:
Lombard Odier Asset Management
(Switzerland) SA; Paying agent: Bank
Lombard Odier & Co Ltd. United Kingdom
- Representative: Lombard Odier Asset
Management (Europe) Limited.
For illustration purpose only. Past performance is not a reliable indicator of future performance.
IMPORTANT INFORMATION This marketing communication is provided for information purposes only and it is not a recommendation to subscribe to and does not constitute an offer to sell or a solicitation
to or an offer to buy the Funds shares. Any acquisition may only be made on the basis of the official documents of the Fund each in their final form. The articles of association, the prospectus, the Key Investor
Information Document, the subscription form and the most recent annual and semi-annual reports are the only official offering documents of the Funds shares (the Offering Documents). For a comprehensive
understanding of all of the applicable characteristics and risk factors, please refer to the Offering Documents. The Offering Documents are available on www.loim.com and can be requested free of charge at the
registered office of the Fund.
Page 10/20
STRUCTURED PRODUCTS
LEVERAGE CERTIFICATE ON BIOTECH/PHARMA STOCKS 1
In Switzerland, a structured product does not constitute a collective investment scheme governed by the Swiss Collective Investment Schemes Act (CISA) and is, therefore, not subject to the authorization
or supervision by the Swiss Financial Market Supervisory Authority (FINMA). Note that the investor bears default risk of the Issuer (see section General Risks at the back of this document).
Abbott Laboratories
The healthcare sector has been severely hit over the last couple of
weeks amid fears of a Chinese slowdown and US government control
on drug pricing (i.e. Clintons comments). This sell-off needs to be
put into context, as healthcare has outperformed over the last five
years and a majority of generalist portfolio managers have taken
profits. The correction constitutes a buying opportunity for long-term
investors, since the business is doing well, pipelines are stronger than
ever and management boards are much more disciplined in terms of
capital allocation.
We advise investing in a three-year USD leverage certificate
on Abbott (R), Abbvie (RF) and Merck (R) with a 60% barrier at
maturity (conditional protection) and a participation level of 200%
in the basket (delta of 150% at inception).
Abbvie
UNDERLYING ASSETS
Bloomberg Ticker Strike Date
ABT US 1
ABBV US
MRK US
Merck & Co
Reference Price
Strike
Level (60%)
13.10.2015
100%
60%
13.10.2015
100%
60%
13.10.2015
100%
60%
Abbott Laboratories
Abbvie
3
Merck & Co
1
2
Page 11/20
STRUCTURED PRODUCTS
LEVERAGE CERTIFICATE ON BIOTECH/PHARMA STOCKS 1
In Switzerland, a structured product does not constitute a collective investment scheme governed by the Swiss Collective Investment Schemes Act (CISA) and is, therefore, not subject to the authorization
or supervision by the Swiss Financial Market Supervisory Authority (FINMA). Note that the investor bears default risk of the Issuer (see section General Risks at the back of this document).
General Risks
Investing in this product represents a potential loss similar to a
direct investment in the worst-performing underlying asset and
could thus result in a total loss of the invested capital. If the final
level of the worst-performing underlying asset at maturity date is
zero, you will lose your invested capital.
You are fully exposed to the default risk of the issuer (see General
risks section on the next page). In the worst-case scenario, a
default of the issuer could lead to the loss of the entire invested
capital.
You are aware that if one of the underlying assets trades at or
below the respective barrier level at maturity, the capital is at
risk. You may lose some or all of the invested capital as you are
fully exposed to any decline in the level of the worst-performing
underlying asset. You will not receive the benefit of dividends or
other income that may be paid on the underlying asset.
The lead manager intends, but is not obliged, to provide a daily
(off-exchange) secondary market under normal market conditions.
The assessment of normal market conditions and the provision of
a secondary market are at the issuer / lead managers discretion. In
the case of listed notes, exchange rules should be followed where
listed. By selling in the secondary market you may receive less
than the capital invested.
GUARANTEE
Capital is at risk if one of the underlyings loses more than 60% at maturity.
One of the underlying asset needs to fall by 40% or more from its
reference price at maturity date before your invested capital may
be subject to a loss.
KEY CHARACTERISTICS
SVSP/EUSIPA
Category
Issuer
G2 (Lombard Odier
internal name)
ISIN
Valoren
Asset Class
Currency
FX Hedge
Initial Price
Trading
Strike
Upside Participation
Barrier Level
Units
NA
200%
60% at maturity
NA
NA
Equity
USD
NA
1000
Issue Date
Payment Date
Maturity Date
Redemption Date
Delivery
Liquidity
13 October 2015
27 October 2015
15 October 2018
29 October 2018
Cash
Daily
(not issued): All terms and conditions mentioned here are set out for illustrative purposes only and will be confirmed or adjusted, if the Product is issued, in the final documentation of the Product prepared
by the Issuer and setting forth the complete and legally binding terms and conditions of the Product (including the simplified prospectus according to Swiss law) (the Original Documentation). There is no
assurance that the Product will be issued on the basis of the above indicative terms and no specific issuer shall be obliged to issue any security or instrument on such indicative terms. A copy of the Original
Documentation and any other documentation on the Product may be obtained free of charge from your Relationship Manager.
2
(issued): For further information on the Product, please refer to the final terms of the Product and any other documentation of the Issuer setting forth the complete and legally binding terms and
conditions of the Product (the Original Documentation). These documents are available free of charge from Bank Lombard Odier & Co Ltd.
Past performance is not a reliable indicator of future performance.
1
Page 12/20
HEDGE FUNDS
QUARTERLY REVIEW
INVESTMENT HIGHLIGHT
Performance of main HFRI indices
2%
0%
-2%
-4%
-6%
-8%
MTD
-10%
HFRI
HFRI
HFRI
Relative
Fund
Event
Value Weighted Driven
Composite
HFRI
Equity
Hedge
MSCI
World
ND$
80
S&P500 ND
9/29/2015
9/22/2015
9/8/2015
9/15/2015
9/1/2015
8/25/2015
8/18/2015
8/4/2015
8/11/2015
7/28/2015
7/21/2015
7/7/2015
75
7/14/2015
HFRI
Macro
YTD
6/30/2015
Alpha risk managers such as those for macro and equity marketneutral strategies were on average the better performers. Macro
managers reduced risk aggressively entering August and some
even managed to turn their books quickly to short the Chinese
equity market. Getting long volatility through call options on the
VIX or straddles on the CNH are telling examples of how they
generated profits. The USD bias is now mainly expressed against
EM currencies, whereas in the first half of the year it was mainly
against the EUR and JPY. Long exposures to European and
Japanese equities were cut completely. CTAs generally made money
on short crude oil and long bonds positions.
BarCap
Global
Agg. Hdg
$
QTD
-150,000
-200,000
Sep-15
Sep-15
Aug-15
Jul-15
May-15
Apr-15
May-15
Mar-15
Mar-15
Jan-15
Feb-15
Dec-14
-250,000
Jul-15
Contracts
-100,000
Page 13/20
CURRENCIES
OUTLOOK
PORTFOLIO CONSIDERATIONS
EURUSD: A more neutral bias ahead
Near-term risk for the pair relies more on the FOMC outlook than
on the ECB. Our Investment Committee decided to reduce foreign
currency hedges in USD profiles, as it has downgraded its view
on USD to Neutral. Indeed, the dovish stance adopted by the Fed,
combined with healthier trade balances and economic conditions
in other developed markets, is likely to limit the upside for the
months to come.
Currency preferences
Overweight
Neutral
Underweight
USD
EUR
CHF
JPY
GBP
EURUSD
1.1289
EURCHF
1.0932
EURJPY
135.2900
EURGBP
0.7364
GBPUSD
1.5329
USDJPY
119.8500
AUDUSD
0.7185
USDCHF
0.9684
GBPCHF
1.4845
* targets are indicative and from our FX trading team.
5 days
YTD
3m target*
6m target*
0.8%
0.1%
-0.8%
0.5%
1.3%
0.1%
2.2%
0.9%
-0.4%
-6.7%
10.0%
7.1%
5.4%
-1.6%
-0.1%
-12.1%
2.7%
4.3%
1.1000
1.0200
134.0000
0.7400
1.4900
122.0000
0.7100
0.9300
1.3857
1.1500
1.0100
138.0000
0.7500
1.5300
120.0000
0.6900
0.8800
1.3464
Page 14/20
CURRENCIES
INVESTMENT HIGHLIGHT
EURUSD: EXPECT A 1.10-1.15 TRADING RANGE.
Investor positioning
Page 15/20
GLOSSARY
Amount
Amount of a bond issue, expressed in
millions of units of the currency.
Amt
Amount issued, expressed in millions
of currency.
Barbell
A barbell bond investment strategy
allocates the entire portfolio to short-term
and long-term bonds in order to reduce
the portfolios sensitivity to an increase
in interest rates. The investor therefore
benefits from higher income from longterm bonds, while their exposure to shortterm instruments provides security and
flexibility.
ECB
European Central Bank.
EM
Emerging Markets.
EMBI
Emerging Market Bond Index, as defined
by JP Morgan.
EPS
Earnings Per Share
Expected outperformance
The security is expected to do better
than its peers in terms of total return in a
12-month time horizon.
BOE
Bank of England
Expected underperformance
The security is expected to do worse
than its peers in terms of total return in a
12-month time horizon.
BoJ
Bank of Japan
FCF
Free cash flow
Balance of trade
Difference between the value of exports
and imports of goods and services of a
country.
Federal Reserve
US central bank, commonly known as the
Fed.
Ccy
Currency.
FINMA
Swiss Financial Market Supervisory
Authority.
Coupon (Cpn)
Paid interest in percent. The letter s
indicates it is paid semi-annually.
FOMC
Federal Open Market Committee
Cumulative days
Number of cumulative days carrying an
accrued coupon.
Current account balance
(or current account)
Net balance of a countrys trade with third
countries, integrating the value of exports
of goods and services less that of imports
and the balance of capital transfers.
D
Minimum piece or increment (in
thousands).
Days
Number of accrued days.
Deflation
Environment in which consumer prices
generally fall. The opposite situation
(inflation) is far more common.
Page 16/20
FRN
Floating-rate note.
GDP
Abbreviation of Gross Domestic Product
(total wealth produced by a country).
Govt spread
Yield spread versus government bonds.
High yield
bond rated below investment grade. These
bonds have a higher risk of default or other
adverse credit events, but typically pay
higher yields than better quality bonds in
order to make them attractive to investors.
Issuer
Entity that placed the relevant bond on the
market.
Issue year
Combined with the day and month of the
maturity date, gives the issue date of a
bond.
GLOSSARY
ND/Ebitda
Net Debt To EBITDA Ratio.
A measurement of leverage, calculated
as a companys interest-bearing liabilities
minus cash or cash equivalents, divided by
its EBITDA. The net debt to EBITDA ratio
is a debt ratio that shows how many years
it would take for a company to pay back
its debt if net debt and EBITDA are held
constant. If a company has more cash than
debt, the ratio can be negative.
NFPs
Non Farm Payrolls
Non-IG
Non investment grade issuers which
therefore have a rating of BB+ or below.
ParCurve
Bench-mark yield curve.
PBOC
Public Bank of China
PMI
Purchasers Managing Index
PPE
Abbreviation of Proprit Par Etages
(condominium ownership).
Price
Indicative closing price.
Price Target
A projected price level as stated by an
investment analyst or advisor.
A price that, if achieved, would result
in a trader recognizing the best possible
outcome for his or her investment. This is
the price at which the trader would like to
exit his or her existing position so that he
or she price target.
Tapering
Gradual reduction of the Feds asset
purchase programme.
WTI
West Texas Intermediate.
Yield (YTM)
Yield to maturity, recognize time value
of money.
Yield curve
Graphical representation of the reference
interest rates for each maturity. The
difference between the yields on longand short-term maturities indicates the
steepness of the curve.
YoY
Year on Year
ROE
Return on Equity
Sec. N
Isin identification number.
Front, short, intermediary, long,
very long segments
1-3 years, 3-5 years, 5-7 years, 7-10 years,
10+ years maturities.
Settl
Settlement date at subscription.
SNB
Abbreviation of Swiss National Bank.
Soft comm.
Soft commodities
SPI
Swiss Performance Index.
Swap
Spread between the yield of the bond and
the yield from the appropriate swap curve.
Underlined/Red: Avoid
A security which has a significant
probability of default in a 12 months time
horizon.
Page 17/20
CONTRIBUTORS
Bader Alidra
b.alidra@lombardodier.com
Rolf Baertschi
r.baertschi@lombardodier.com
Christophe Gautier
ch.gautier@lombardodier.com
Aurlien Michaud
a.michaud@lombardodier.com
Daniel Spichiger
d.spichiger@lombardodier.com
Adrien Ludmann
a.ludmann@lombardodier.com
Jrome Strecker
j.strecker@lombardodier.com
Gaelle Boucher
g.boucher@lombardodier.com
David Vacherand-Denand
d.vacherand-denand@lombardodier.com
Page 18/20
SWITZERLAND
MADRID
Lombard Odier (Europe) S.A. Sucursal en Espaa
Paseo de la Castellana 66 28046 Madrid Espaa
Credit institution regulated by the Commission de Surveillance du Secteur Financier
(CSSF), Banco de Espaa and the Comisin Nacional del Mercado de Valores
(CNMV).
E-mail: madrid@lombardodier.com
Lombard Odier Gestin (Espaa) S.G.I.I.C., S.A.U.
Paseo de la Castellana 66 28046 Madrid Espaa
Management Company supervised by the Comisin Nacional del Mercado de Valores
(CNMV).
E-mail: madrid@lombardodier.com
GENEVA
Bank Lombard Odier & Co Ltd
Rue de la Corraterie 11 1204 Genve Suisse
Private Bank regulated by the FINMA.
E-mail: geneva@lombardodier.com
Lombard Odier Asset Management (Switzerland) SA
Avenue des Morgines 6 1213 Petit-Lancy Suisse
Management Company regulated by the FINMA.
E-mail: geneva@lombardodier.com
FRIBOURG
Banque Lombard Odier & Cie SA Bureau de Fribourg
Rue de la Banque 3 1700 Fribourg Suisse
E-mail: fribourg@lombardodier.com
MOSCOW
Bank Lombard Odier & Co Representative Office Moscow
82 Sadovnicheskaya Street 115 035 Moscow Russian Federation
E-mail: moscow@lombardodier.com
LAUSANNE
Bank Lombard Odier & Co Ltd
Place St-Franois 11 1003 Lausanne Suisse
E-mail: lausanne@lombardodier.com
PARIS
Lombard Odier (Europe) S.A. Succursale en France
8, rue Royale 75008 Paris France
RCS PARIS B 803 905 157. Credit institution under Luxembourg law regulated by
the Commission de Surveillance du Secteur Financier (CSSF) - Business permit No.
3/12.
Registered in Luxembourg No. B169 907.
Insurance company authorised by the Commissariat aux assurances (CAA) No.
2014 CM002. The registration with the Commissariat aux assurances can be
verified at www.orias.fr.
E-mail: paris@lombardodier.com
Lombard Odier Gestion (France)
8, rue Royale 75008 Paris France
RCS PARIS B 434.256.392. Limited company with an Executive Board and
Supervisory Board and capital of 4,250,000 euros.
Portfolio management company approved by the Autorit des Marchs Financiers
(no. GP O1-011).
E-mail: paris@lombardodier.com
LUGANO
Banca Lombard Odier & Co SA Agenzia di Lugano
Via Vegezzi 6B 6900 Lugano Svizzera
E-mail: lugano@lombardodier.com
VEVEY
Banque Lombard Odier & Cie SA Agence de Vevey
Rue Jean-Jacques Rousseau 5 1800 Vevey Suisse
E-mail: vevey@lombardodier.com
ZURICH
Bank Lombard Odier & Co Ltd
Utoquai 31 Postfach 1457 8032 Zrich Schweiz
E-mail: zurich@lombardodier.com
EUROPE
AMSTERDAM
Lombard Odier (Europe) S.A. Netherlands branch
Herengracht 466 1017 CA Amsterdam Nederland
Credit institution regulated by the Commission de Surveillance du Secteur
Financier (CSSF) and the Nederlandsche Bank (DNB).
E-mail: amsterdam@lombardodier.com
BRUSSELS
Lombard Odier (Europe) S.A. Luxembourg Belgium branch
Avenue Louise 81 Box 12 1050 Brussels Belgium
Credit institution regulated by the Commission de Surveillance du Secteur
Financier (CSSF), the Banque nationale de Belgique (BNB) and the Financial
Services and Markets Authority (FSMA)
E-mail: brussels@lombardodier.com
GIBRALTAR
Lombard Odier & Cie (Gibraltar) Limited
Suite 921 Europort P.O. Box 407 Gibraltar
Bank supervised by the Gibraltar Financial Services Commission (FSC).
E-mail: gibraltar@lombardodier.com
LONDON
Lombard Odier (Europe) S.A. UK Branch
Queensberry House 3 Old Burlington Street London W1S 3AB United Kingdom
The bank is authorized and regulated by the CSSF in Luxembourg and its branch in
the UK by the Prudential Regulation Authority and the Financial Conduct
Authority. Registered in Luxembourg No. B169 907
E-mail: london@lombardodier.com
Lombard Odier Asset Management (Europe) Limited
Queensberry House 3 Old Burlington Street London W1S 3AB United Kingdom
E-mail: london@lombardodier.com
LUXEMBOURG
Lombard Odier (Europe) S.A.
5, alle Scheffer 2520 Luxembourg Luxembourg
Credit institution regulated by the Commission de Surveillance du Secteur
Financier (CSFF).
E-mail: luxembourg@lombardodier.com
DUBAI
Bank Lombard Odier & Co Representative Office Dubai
The Fairmont 25th Floor Sheikh Zayed Road P.O. Box 212240 Dubai UAE
E-mail: dubai@lombardodier.com
HONG KONG
Lombard Odier (Hong Kong) Limited
3901, Two Exchange Square 8 Connaught Place Central Hong Kong
E-mail: hongkong@lombardodier.com
MONTREAL
Lombard Odier & Cie (Canada), Limited Partnership
1000 Sherbrooke Street West Suite 2200 Montreal (Quebec) Canada H3A 3R7
E-mail: montreal@lombardodier.com
NASSAU
Lombard Odier & Cie (Bahamas) Limited
Goodmans Bay Corporate Centre West Bay Street P.O. Box N-4938
Nassau Bahamas
E-mail: nassau@lombardodier.com
PANAMA
Lombard Odier & Cie (Bahamas) Limited Representative Office in Panama
Oceania Business Plaza Tower 2000 unit 38-D Boulevard Pacifica,
Urb. Punta Pacifica Panama
SINGAPORE
Lombard Odier (Singapore) Ltd.
9 Raffles Place Republic Plaza #46-02 Singapore 048619
E-mail: singapore@lombardodier.com
TOKYO
Lombard Odier Trust (Japan) Limited
Izumi Garden Tower 41F 1-6-1 Roppongi, Minato-ku Tokyo 106-6041 Japan
E-mail: tokyo@lombardodier.com
01.2015
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