Lombard Odier branch to close

Wednesday 14th April 2010, 3:00PM BST.

The bank premises in Seaton Place

SEATON Place-based private bank Lombard Odier Bank is to close.

However, the administration of its Jersey-based funds will move to the Bedell Group and the majority of the staff members are expected to transfer to the legal and financial services firm, which has its headquarters in New Street.

A Lombard Odier spokesman said that following a decision to open an office in Luxembourg it was ‘appropriate’ that the management company of its Luxembourg funds be based there.

The spokesman said that the ‘important’ 25-year association with Jersey would continue as would the Lombard Odier name with dedicated funds based in the Island administered with support from Bedell Fund Services.

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