Hervé Ordioni (Edmond de Rothschild): "The Swiss franc has performed remarkably well over the past two decades"

Leaders League: You work in Switzerland and previously worked in Monaco. What differences have you noticed in the wealth management practices of these locations?
Hervé Ordioni: In private banking, both locations are favored by international clients seeking political, fiscal and legal stability. Switzerland is more economically diverse however, and has its own currency, which is a significant point of attraction. Compared to the euro, the Swiss franc has performed remarkably well over the past two decades.  

And in terms of the services available?
There are significant similarities in offerings. Monaco banks operate within a global system aimed at providing consistent services regardless of the client’s country of residence. That too is our goal at EdR.

How have you adapted culturally to life in Switzerland?
It’s hard to pin Switzerland down to a single defining identity. My experiences have introduced me to three different Switzerlands – German, French, and Ticinese – and a strong international clientele. The cultural diversity within the country is comparable to what we see at a European level. That commonality between Switzerland and Monaco is fascinating! Personally, I’ve had no trouble working in Geneva and integrating there.

What recent trends have you observed concerning expatriate families and their wealth management needs?
Some families move to Geneva with wealth earned abroad or linked to family members outside Switzerland. Key considerations include what happens if the family returns to their homeland or moves to another country? Do they have beneficiaries residing in their country of birth? Switzerland may just be one stage in their lives, and indeed, newer generations live in a dynamic, digital world with internationally focused careers. We’re anticipating these changes by offering adaptable services based on our clients’ current and future places of residence. Agility is key. We aim to anticipate and optimize these situations from a tax and legal standpoint.

Are there specific investment vehicles that facilitate international mobility?
We often recommend the Luxembourg life insurance contract, which is favored by our international clients. Depending on the country of residence, using structures like investment funds or trusts for Brits and Americans, under certain conditions, is advisable. Regardless, one must always consider if the setup is suitable for the new country of residence and easily adjustable to life changes. This requires a deep understanding of our profession, gained through training and experience.

Does inter-professionality play a significant role in addressing foreign-related issues?
We are delighted to collaborate closely with lawyers and/or notaries. The boundaries of our profession stop where theirs begin.

Could you share examples of the matters you’ve handled?
We assisted a French industrialist from Lyon who moved his factories to northern France while residing in Belgium. After selling the business, two family members moved to Switzerland and a third to Monaco. The entire team at Edmond de Rothschild was involved in coordinating this international case. We also recently formed a significant relationship with Lemania Conseils and its digital platform for financial entrepreneurs, Lemania Pension Hub. Edmond de Rothschild positions itself as a strategic partner to this major Swiss pension provider.

Anything else to add?
I’m thrilled to celebrate two years in Switzerland and see all that we’ve developed here. 2023 was a fine year for EdR and our clients. And this year a new team is arriving in Lausanne to continue our expansion and accelerate our growth.

We are particularly proud of the historic feat achieved by trimaran skipper Charles Caudrelier: on February 27th 2024, he completed his round-the-world race, after fifty days at sea, registering many first along the way. It’s the victory of a vision, the result of cutting-edge research, and the achievement of outstanding teamwork.