SYZ Group reported a net loss of CHF25m ($25.9m) in 2019, driven by outflows of SYZ Asset Management’s Oyster Fund range that has been sold.
The group’s AuM was CHF27.4bn at the end of December 2019, versus CHF28.8bn in the previous year.
Go deeper with GlobalData
Banque SYZ registered a net profit of CHF7.1m in 2019, driven by the growth of its private banking business.
The group’s equity tier 1 capital ratio increased to 23.1% in 2019 from 21.3% a year ago. The 2019 figure was said to exceed the Swiss regulatory minimum.
The liquidity coverage ratio in 2019 stood at 236%.
SYZ Group CEO Eric Syz said: “At this turning point in the SYZ Group’s history, it is clear that the future will continue to offer challenges and opportunities, and so we have adapted to stay focused on putting clients’ needs and ambitions first.
“Our business model is not and has never been, about growth at any price.”
SYZ has four business lines, namely private banking, institutional asset management, independent managers as well as private markets.
Recently, SYZ Capital – the private markets investment unit of Syz Group – combined alternative investment expertise from across the group under its umbrella.
The move includes the merger of the Asset Management Alternatives team and the Private Banking Global Investment Solutions team.
