Syz Group, which is active in asset management, posted another loss for 2020. However, with the streamlining completed, the bank should have a solid basis to return to the black in the current year.
Geneva-based Syz Group was undergoing a reorganization in the Corona year 2020. For example, it sold its Oyster fund division to French asset manager iM Global Partner in February. That led to big changes and a loss for the group of 8.2 million Swiss francs ($8.8 million).
A spokesman for the company confirmed the information obtained by finews.com upon request. In the previous year, the group had suffered a loss of 25 million francs, which was due namely to the weak performance of these same Oyster funds.
Sale of the Oyster
At the end of 2020, Syz Group managed around 26 billion francs for its clients, compared with around 27.4 billion francs in 2019. The difference is due to the sale of Oyster funds, worth around 2 billion francs. The company will publish its annual report at the end of April.
Bank Syz, which is active in asset management, was profitable in 2020. It posted a profit of 4 million francs, compared with a profit of 7.1 million francs a year earlier. As of the end of 2020, it managed a total of 14.1 billion francs in assets.
Syz Capital, which was founded two years ago and specializes in private market investments, almost broke even, managing a total of 1.5 billion francs on behalf of its investors as of the end of 2020.
Real Challenge
Syz Asset Mangement, which remained after the sale of the Oyster funds, also operated profitably and now manages 10.5 billion francs in assets. «2020 was a real challenge for all of us,» said company founder and CEO Eric Syz. «But it reminded us that a forward-looking mindset is the best way to preserve and grow our clients' wealth.»
