N+1 Syz Gestión will be the new name of Spanish banking group N+1’s asset management company once a strategic agreement transfers a 50 per cent stake in its capital to Swiss bank Syz & Co.

The strategic partnership will allow N+1 to develop its asset management in Spain by using expertise from Geneva-based Syz in managing large family groups and institutional clients, as well as on investment funds and funds of hedge funds, the firm said in a statement.

“The Spanish asset management market is in the midst of dramatic change and today there is real demand for high level international asset management expertise; our alliance with Syz & Co will enable us to successfully meet this demand,” said N+1 president Santiago Eguidazu. 

The Spanish group has approximately SFr 400 million ($372 million) of assets under management and is involved with private equity transactions, renewable energy and the acquisition of significant holdings in mid-cap companies.

Syz & Co is already an established name in Spain via its Oyster funds, which are also available in Luxembourg, Switzerland, France, Germany, Austria and Belgium, along with Italy where Syz entered into partnership with Banca Albertini to create Banca Albertini Syz & Co.

The transaction is subject to approval by the Spanish financial markets regulatory authority CMNV.