The global wealth and asset manager has reported its full-year 2016 results.

Client assets at The Lombard Odier Group rose by 4 per cent to SFr233 billion (around $230 billion) at end-2016 from SFr224 billion a year earlier, propelled, it said, by solid net inflows and market performance.

Total private client assets reached SFr119 billion, while asset management clients invested SFr5 billion with Lombard Odier Investment Managers, and technology and banking services clients represented an additional SFr69 billion.

Operating income for 2016 was, however, 3 per cent lower than in 2015, at SFr1.04 billion. The firm attributed this to “challenging market conditions”, resulting in “subdued client activity”. The operating cost/income ratio was 83 per cent, and consolidated net profit fell 13 per cent to SFr124.5 million.

“The rise in client assets in 2016 is positive in what was a challenging market,” said Patrick Odier, senior managing partner. “We continued to hire experienced bankers and portfolio managers to develop our private client business.

“In our asset management business, the strength of our offering resulted in us winning several large mandates over the year. And in our technology and banking services business, we cultivated a strong client pipeline and signed new partnership agreements in Switzerland, France and Luxembourg. Our cost income ratio remains high as a result of continued investments which should increase revenues in the medium term.”

The firm logged SFr16.4 billion in total assets as at end-December, with a Basel III common equity tier one ratio of 29.3 per cent, up from 25.7 per cent in 2015.