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Geneva lenders seek Middle East ‘new money’

Geneva's oldest private banking firm, Lombard Odier & Cie has announced plans to increase assets under management for Middle East clients to SF10bn to SF15bn ($15.7bn) over five years, Bloomberg has reported. "New money is coming from the Middle East," said Bernard Droux, one of eight managing partners at Lombard Odier. "The Arab Spring has created some instability in the big Arab countries, and they are happy to go to Switzerland as they have been doing for the last 50 years."