“We have always been digital pioneers”
What Paris has become for the climate debate, Switzerland could become for sustainable investments, says Geneva-based private banker Patrick Odier in an interview.
Patrick Od on which values depend on your daily actions, decisions, plans?
Our holistic philosophy “Rethink everything” accompanies me every day. We have made a promise to our clients that we will provide them with tailor-made, sustainable solutions for managing their assets.
Sustainable investments are a very central part of our philosophy and ultimately the consequence of our fiduciary obligation to advise customers in a changing world.
How important is social media to you?
Social media has become an important part of our communication. We reached the 100,000 LinkedIn followers mark in October 2021 and are continuing to grow here as interest in current topics on sustainable investment continues to grow.
We have always been digital pioneers and are therefore now in a position to make our technology platform available to other banks. We want to further expand this lead.
Which problems should politicians and authorities quickly address?
The climate crisis is our common central challenge and everything that brings us closer to achieving the goal of slower global warming should be done. We need a pragmatic approach to setting standards and methods, which also promotes transparency for all stakeholders.
So when & for example, all industries are working on publishing verifiable emissions data. In addition, Switzerland should invest more in renewable energies. And at the international level, it is a matter of setting a sufficiently high CO2 price.
Which guiding principles and leadership principles do you pursue?
As a manager, I primarily take on responsibility and duties. Superiors should act as role models because they are – like every employee – ambassadors for your company.
If you could choose a country: Where would you most like to live and why?
Switzerland is home to me and my family, but we also have a close relationship with Greece as my wife comes from there. A country that produced many thinkers and philosophers who still have their place today.
What are you grateful for?
In addition to personal gratitude, it is Lombard Odier’s survival for 225 years. I am proud to be careful with the company and keep it in good shape.
What could you not do without in your life?
To the many people I have met in my life so far. It is not the material things, but the personalities with their diverse stories, experiences and lives that make up our society today and tomorrow.
What would you recommend to a young professional in asset management today, including your younger self?
Curiosity, openness, courage and a well-developed network. Because we will only be able to solve the problems and challenges of our time together. Strong locations with expertise and leadership will play an important role.
You have been President of the Swiss Sustainable Finance Association since the summer. Where does the Swiss financial center stand in terms of sustainability?
The topic has developed enormously and is dying without legal requirements. Sustainable investments have grown rapidly, from a few percentage points of the market to over 1,500 billion Swiss francs today, which corresponds to 30 to 50 percent of the market, depending on the segment.
Numerous innovations have been created: from the first commercial microfinance funds that were launched over 20 years, sustainable real estate investments with appropriate labels, innovative rating approaches based on automated text recognition through to sustainable gold, to name just a few.
Switzerland has produced numerous new solutions and is best positioned today to sustainably strengthen the role of the financial sector on the way to a future through innovation. And we shouldn’t just focus on climate issues.
You also preside over “Building Bridges”. Was that all about it?
In March 2019 we launched the “Building Bridges” initiative. Building bridges is much more than a conference. This is about a movement, an interest group that brings together all the important Swiss financial players, authorities, UN organizations, NGOs, as well as representatives from science and companies.
We can only solve the challenges of the future with a view to a sustainable financial economy together. Of course, the proximity to the international organizations, many of which are based in Geneva, also helps us here. In this way, we can learn from one another and develop solutions together that would make the global sustainability goals a point of interest.
What exactly did the initiative kick off?
Dozens of events took place in Geneva in November 2019, and the summit, which was opened by the Federal President himself, brought thousands of people together in the Bâtiment des Forces Motrices. The representatives of the 30 FC4S financial centers are impressed by the local biotope because there has been a dynamic at the national level.
The Swiss financial world now speaks with one voice, and is dying at a time when the regulatory changes that are necessary to accelerate this are dramatic and make common rules urgently necessary. The Federal Council has adopted the imperative: The Swiss financial center must be a global benchmark for sustainable financial services.
The next summit in Geneva is now on November 29, 2021 and Building Bridges Week on the following days. What are your expectations for the event?
Building bridges is an affair of the heart for me. I am very much looking forward to the exchange and discussions with the participants. In addition to the “summit”, which sets the agenda, numerous institutions are organizing over 77 events – all relating to sustainable finances to address the Sustainable Development Goals.
This shows the great innovation potential that lies in our financial sector. Building on this and helping to align the financial center to the challenges ahead is an extremely exciting task.
But it should not stop at a one-off dialogue. The initiative aims to ensure that there is a lasting, fruitful exchange between the various actors, which also leads to concrete solutions. What Paris has become for the climate debate, Switzerland can become for sustainable investments.
Patrick Odier has been Managing Partner of the Lombard Odier Group since 1986 and Senior Managing Partner since 2008. In the summer of this year he was appointed President of Swiss Sustainable Finance. He also chairs Building Bridges, an initiative to promote sustainable finance in Switzerland and around the world. Lombard Odier has stood by its customers as an independent partner for seven generations since 1796.
This article is published in collaboration with Asset Management Association Switzerland.
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