The group said it continues to invest in both geographic expansion and product development. It’s model is based on three complementary business lines: Bank Syz, Syz Capital and Syz Asset Management. 

Bank Syz offers private clients a genuine alternative to the traditions of Swiss private banking. Investors are able to invest alongside the Syz family 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.

With a clearly defined business model and strategy in place, the firm believes that it has demonstrated its capacity to deliver in a difficult 2022 macroeconomic environment. “2022 was a challenging year for the financial industry, and we are proud to have achieved strong results despite these difficulties,” said Eric Syz, group CEO.

“Our robust business model, which is based on three complementary business lines, has shown its resilience in the face of adversity and its effectiveness in generating positive results.” Bank Syz in particular recorded a solid set of results with a net profit of SFr 9 million, “almost double that of 2021, contributing to the group’s growth acceleration,” he added.

However, assets under management were down at SFr 23.1 billion, mainly due to market effects. The group saw net outflows as the bank adopted a more focused approach to its development, exiting several non-core markets and Syz Asset Management saw the impact of the challenging negative interest rates environment at the beginning of the year. Nevertheless, fundraising has been positive for Syz Capital which has launched a new flagship product in litigation finance.

Expanding footprints
The group, which also opened new offices in 2022 in Montevideo, Uruguay, to ensure proximity to clients in Latin America, expects to continue expanding its footprint in 2023.

The bank also launched Syz Crypto, a new custody and trading service of digital assets which aligns with its policy of innovation. In 2023, it will continue to build out its offering with new product launches from Syz Capital.

Despite the challenges posed by the market environment, the group said it has demonstrated resilience and financial solidity, with a CET1 ratio at 29.7 per cent as of 31 December 2022.

The firm's Liquidity Coverage Ratio and Net Stable Funding Ratio stand respectively at 165 per cent and 169 versus a regulatory minimum of 100 per cent.

Looking ahead, the group said it plans to stay focused on stability, vision, and strategic clarity – objectives which have contributed to these annual results, as well as concentrating on its unique positioning as a family-owned and family managed bank.

“2023 will be about accelerating our growth and building on the positive momentum achieved last year. I would like to thank our staff for their commitment, as well as our clients, for their continued trust and business,” concluded Eric Syz.

Syz Group is a privately owned, independent group, which is fully funded by equity (no external debt), with a strong and stable shareholder base.