Swiss banking group the Syz Group posts positive financial results in 2023, amid challenging macroeconomic headwinds.

The Syz Group has just reported a net profit of SFr7.5 million ($8.2 million) in 2023, up 16 per cent on 2022 levels.

Bank Syz’s operating income rose to SFr110.2 million, up 1 per cent on 2022, while profit increased to SFr13.7 million – up 51 per cent versus 2022. The bank said it enhanced its advisory services and grew transactional revenues while achieving good performance in its discretionary management portfolios.

The group's total assets under management (AuM) have remained steady at SFr23 billion, despite the adverse conditions. The total equity ratio, a measure of financial strength, stands at a 28.3 per cent, the group added. It also said that is main business lines – Bank Syz, Syz Capital and Syz Asset Management – continue to diversify.

“2023 was an evolutionary year for our three distinct but complementary businesses,” Syz Group CEO, Eric Syz, said.

Syz Asset Management, which primarily invests the assets of Swiss institutional investors in bonds and money market instruments, saw a strong increase in AuM.

High interest rates (particularly in dollars) and low industry distributions created a challenging environment for fundraising in private equity and alternative markets, but Syz Capital said that it built out its investment proposition, focusing on delivering uncorrelated returns for its investors.

The division also recorded several landmarks in 2023, including the launch of Syz Crest – the first crypto fund of hedge funds backed by a banking group. The team also executed an investment in Capture Media, a European specialist in engagement advertising, and distributed capital back to investors via its various strategies.

The group serves clients across three main areas. Bank Syz offers private clients an alternative to the traditions of Swiss private banking while Syz Capital offers investors the opportunity to invest alongside the Syz family in hard-to-access alternative investments such as private markets. Syz Asset Management primarily invests the assets of Swiss institutional investors in bonds and money market instruments, the firm added.