Swiss banking group the Syz Group posts positive financial results in 2023, amid challenging macroeconomic headwinds.
The Syz Group has
just reported a net profit of SFr7.5 million ($8.2 million)
in 2023, up 16 per cent on 2022 levels.
Bank Syz’s operating income rose to SFr110.2 million, up 1 per
cent on 2022, while profit increased to SFr13.7 million – up 51
per cent versus 2022. The bank said it enhanced its advisory
services and grew transactional revenues while achieving good
performance in its discretionary management portfolios.
The group”s total assets under management (AuM)
have remained steady at SFr23 billion, despite the adverse
conditions. The total equity ratio, a measure of financial
strength, stands at a 28.3 per cent, the group added. It also
said that is main business lines – Bank Syz, Syz Capital and Syz
Asset Management – continue to diversify.
“2023 was an evolutionary year for our three distinct but
complementary businesses,” Syz Group CEO, Eric Syz, said.
Syz Asset Management, which primarily invests the assets of Swiss
institutional investors in bonds and money market instruments,
saw a strong increase in AuM.
High interest rates (particularly in dollars) and low industry
distributions created a challenging environment for fundraising
in private equity and alternative markets, but Syz Capital said
that it built out its investment proposition, focusing on
delivering uncorrelated returns for its investors.
The division also recorded several landmarks in 2023, including
the launch of Syz Crest – the first crypto fund of hedge funds
backed by a banking group. The team also executed an investment
in Capture Media, a European specialist in engagement
advertising, and distributed capital back to investors via its
various strategies.
The group serves clients across three main areas. Bank Syz offers
private clients an alternative to the traditions of Swiss private
banking while Syz Capital offers investors the opportunity to
invest alongside the Syz family in hard-to-access alternative
investments such as private markets. Syz Asset Management
primarily invests the assets of Swiss institutional investors in
bonds and money market instruments, the firm added.