Swiss banking firm SYZ & Co today reported a 14.5 per cent rise in assets under management last year, reaching SFr28.7 billion ($32.6 billion). Revenues rose 20 per cent.

Swiss banking group SYZ & Co today reported a 14.5 per cent rise in assets under management for last year, reaching SFr28.7 billion ($32.6 billion), with SFr2.3 billion of the rise coming from net inflows, and the balance from rising markets.

The firm gave a bullish assessment of its business growth this year. “The good investment results recorded in 2013, both for mandates and for investment funds, allow the group to envisage a continued inflow of funds in 2014. Moreover, the figures for the first few months of 2014 confirm this trend,” it said in a statement.  

Ordinary revenues increased by almost 20 per cent to SFr220.1 million, while costs rose by 9 per cent, resulting a group net profit jump to SFr26 million, more than doubling from SFr12.6 million in 2012.

The group’s three lines of business - private banking, asset management and OYSTER investment funds - all saw a positive trend in assets under management, SYZ & Co said.

SYZ & Co logged a “sharp increase” in consolidated revenues, up from SFr184.3 million in 2012 to SFr220.1 million at the end of 2013, an increase of 19.4 per cent.

Costs were driven up by investments in compliance and taxation-related IT projects, it said.

Staff numbers remained stable during the period, with 438 employees on a full-time equivalent basis at the end of 2013, compared with 437 at the end of 2012.

“The good investment results recorded in 2013, both for mandates and for investment funds, allow the group to envisage a continued inflow of funds in 2014. Moreover, the figures for the first few months of 2014 confirm this trend,” the firm said.

“Our substantial equity capital is easily sufficient to finance our expansion independently”, Eric Syz, chief executive, said in the statement.