Institutional interest helps Syz grow assets by one third in 2010
Syz & Co boosted assets by almost one third in 2010 to CHF 24.8bn, with managed accounts and institutional business responsible for much of the increase.
Eric Syz, managing partner (pictured), said: “The current combination between private banking, institutional asset management and investment funds ensures not only good stability but above all offers us interesting growth prospects for the coming years. We will therefore be continuing our expansion drive in 2011.”
The full year results from the Swiss group covered a period during which it significantly diversified its business further.
It bought the Swiss institutional bond management business of State Street Global Advisors, expanded Spanish operations, and boosted total staff by 15%, from 376 to 432.
Partly as a result of this, its total expenses increased by 9.3%.
Syz’s 30% growth in assets saw them hit CHF24.8bn by the end of 2010. Further growth since tipped the CHF25bn mark.
Net inflows accounted for CHF7.3bn of the total growth, and helped Syz & Co Group register a fiscal year net profit of CHF75.3m.
The group also boosted equity capital from CHF393m in 2009 to CHF409m by the end of last year, with the Tier One capital ratio growing from 24% to 26%.
Syz joins Swiss peers such as Gottex in growing since the financial crisis, which hit Swiss private banks and asset managers particularly hard.
One London fund of hedge funds manager said much of the redemptions from funds of hedge funds came from Swiss investors pulling money due to to relatively high levels of leverage.