Operating as a branch of Lombard Odier (Europe), which is registered in Luxembourg, the office will offer a range of wealth management services, including wealth planning, portfolio management, tax and custody reporting.

It enhances Lombard Odier’s private banking footprint in Europe, adding to its presence in Paris, Brussels, London, Madrid, Amsterdam and Luxembourg. Lombard Odier’s asset management arm opened its Milan office in 2011.

”We have been looking after Italian entrepreneurs and their families for a long time. We have always been impressed by the entrepreneurial spirit one can find in Italy and the quality of many of its manufacturing and services industries,” said Frederic Rochat, Lombard Odier Group’s managing partner.

Massimiliano Sorbi, who will head up the private banking office in Milan, added: "In a world of uncertainty, there is a growing demand in the Italian market for personal relationships and bespoke services provided by an independent private bank with strong financial strength. We believe this unique combination gives us a competitive edge."