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Syz Group posts loss in restructure year

News Team, 20/05/2020

Switzerland's Syz Group posted a CHF 25 million loss in 2019, as its asset management arm performed poorly and it enforced its capital buffers.

The bank, founded and owned by Eric Syz and family, underwent a major restructure in 2019, separating out its private banking, asset management, and institutional business into separate reporting lines with their own chief executives.

The SYZ Group managed CHF 27.4 billion for clients at the end of 2019, compared to CHF 28.8 billion in 2018, and recorded a net loss of CHF 25 million, predominantly linked to outflows in its Oyster Fund range, as well some one time write offs.

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