The Swiss banking Group SYZ & CO has reported assets under management of CHF28.7 billion at the end of December, a 14.5 per cent increase.
The greater part of the CHF3.7 billion increase resulted from net inflows of new money of CHF2.3 billion, the remainder being the result of investment performance.
Ordinary revenues increased by nearly 20 per cent to CHF220.1 million, while expenses rose by nine per cent.
Consequently, group net profit more than doubled to total CHF26.0 million (2012: CHF12.6 million).
The group’s three lines of business - private banking, asset management and OYSTER investment funds - all saw a positive trend in assets under management.
According to the usual calculation methods by business lines, assets under management at the end of 2013 reached CHF32.8 billion (+19.4 per cent).
“Our substantial equity capital is easily sufficient to finance our expansion independently,” says Eric Syz, CEO. “Many private investors are now more demanding in terms of performance and risk control and are therefore interested in our investment style. OYSTER funds are acknowledged by professionals as one of the major fund brands in Europe and SYZ Asset Management, our institutional asset management division, is today regarded as a trustworthy asset manager by specialised consultants and institutional investors.”