The Genevan wealth manager closed out the first half with a meager profit following a loss-making year.
Syz Group recorded a profit of 106,000 Swiss francs ($115,000) for the first six months of this year, from 3.8 million francs year ago, according to a profit-and-loss statement posted in Switzerland’s commercial register. The Genevan, family-controlled firm is looking to return to profit after a loss-making 2020 in which it sold its Oyster line of funds.
The company averted a loss by lowering its spending bill dramatically to 49.4 million francs, from 63.7 million francs year-ago. After a transformative last year, Syz's interest income as well as commissions and fees each shrank by more than half.
The statement contains no details on Syz's net new funds for the first half – a healthy period for most of its industry rivals. Several key executives have left or are leaving the bank, finews.com reported last month.
