The Swiss private bank has bolstered its alliance with UnionBank.

Swiss private bank Lombard Odier has extended its partnership with Philippines-based UnionBank to offer two new global funds for wealthy onshore clients. 

The firms have co-created two funds approved by the Philippine banking regulator to manage the liquid assets of private clients of UnionBank.

Lombard Odier first struck a strategic alliance with UnionBank in August last year in a bid to expand its footprint in the Philippines. The agreement allows Lombard Odier to passport its investment services to onshore private clients in the country.

The two banks will co-manage the risk-based funds, which look to enable UnionBank clients to grow and preserve the liquid portion of their assets.

“This partnership is a testament of our total commitment to our clients,” said Eugene Acevedo, senior executive and vice president at Union Bank. “The top-notch global investment and family services expertise available through this alliance with Lombard Odier enables us to better grow and safeguard our clients’ wealth through the long term, and ensures that they can pass this on safely to succeeding generations.”

The agreement with the Philippines’ seventh-largest bank is the latest in a series of alliances forged since 2012 that have enhanced Lombard Odier’s presence in Asia. The bank entered into a similar partnership with Kasikornbank in Thailand in late 2014 following agreements with financial firms in mainland China, Japan, South Korea and Australia.