A team of bankers is joining J. Safra Sarasin from Banque Syz. The head of the group was in charge the business with independent wealth managers in Zurich, information obtained by finews.com showed.
An entire team of bankers is joining J. Safra Sarasin from Banque Syz. The head of the group was in charge the business with independent wealth managers in Zurich.
The three former Syz bankers will join the Zurich bureau of J. Safra Sarasin at the beginning of September, according to information obtained by finews.com that was confirmed by the Brazilian-Swiss bank.
Independent Wealth Management
The group is being led by Sédar Piller (pictured below), who built Syz’ business with independent wealth managers in Zurich. He was made the head of that business in spring 2018.
Piller will take Iwan Graf and Samuel Thébault with him to J. Safra Sarasin. They will work alongside an existing group of bankers working with the same client base.
Management Changes
The departures in Zurich is coming at a difficult time for Syz which in recent months was having to deal with other bankers leaving and a decline in profit. Some observers claimed that the bank might become a takeover candidate.
Meanwhile, the company appointed the two sons of founder Eric Syz to operational positions to speed up the generation change. Marc Syz, 37, is heading Syz Capital from its base in Zurich and aims to boost the business in Switzerland’s largest banking hub.
The move of Piller’s team is going to weaken the Geneva bank’s business with independent wealth managers in Zurich. It has asked Michael Kiefer to help out at the unit. The banker had joined Syz in April only with a view to boost its private banking business in the German-speaking region.
