Tag Archives: Lombard Odier

By Kiran Kowshik, Global FX Strategist & Luca Bindelli, Head of Investment Strategy

CIO Office Viewpoint – 11.09.2025

Key takeaways

Gold prices have set new records amid a narrative of increasing market risks, including inflationary concerns, rising government debt and slowing US growth
Investor positioning has also lightened up after May, and increased demand amid still constrained supply should add to upward pressure on prices
The move could extend towards USD 3,600-3,800 per ounce over the coming months. We raise our 12-month target to 3,900 USD/oz
Gold retains its diversification properties in multi-asset portfolios, and we keep our allocations at neutral levels versus our strategic benchmark for now.

Rate cuts support EMEA (Europe, Middle East and Africa) assets but soften currencies

By Dr Nannette Hechler-Fayd’herbe, Head of Investment Strategy, Sustainability and Research, CIO EMEA

Deeper rate cuts by the ECB support European corporate bonds but weaken the euro.
We see a buoyant GCC outlook, in the absence of any geopolitical escalation in the Middle East.
A positive start to the Government of National Unity in South Africa bodes well for 2025.

Geneva, 22 January 2024

Bettina Ducat appointed co-head of Lombard Odier Investment Managers

Lombard Odier Group is pleased to announce the appointment of Bettina Ducat as co-head of Lombard Odier Investment Managers (LOIM) as of 5 March 2024*. She will be based in Geneva and will become a Limited Partner of the Group. Bettina Ducat will jointly lead LOIM, Lombard Odier’s asset management division, together with Managing Partner Jean-Pascal Porcherot.

How should investors navigate geopolitical risks in early 2024?
Samy Chaar, Chief Economist

Christian Abuide, Head of Asset Allocation

Key takeaways

Rivalry between US and China-led blocs, possible Middle East conflict escalation and a busy political calendar keep geopolitical risks elevated as we enter 2024
We still expect the Israel-Hamas conflict to remain largely localised. Red Sea attacks are affecting trade but should have a manageable inflationary impact. We expect oil prices to drift up towards the low-end of a USD 80-90 a barrel range, with short-lived price spikes possible in an extreme scenario
A global ‘decoupling’ is changing global trade and investment flows. Securing supply chains and strategic industries has become an important theme
We believe 2024 should be a positive year for financial markets, but remain vigilant in an uncertain geopolitical environment. Tactically, we keep portfolio risk at strategic levels, with a quality bias and a preference for US assets.