The Swiss banking group SYZ & CO has reported that its assets under management (AuM) reached CHF28.7 billion at the end of December 2013, an increase 14.5% compared to a year ago.
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, the bank said in a statement.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The Swiss bank’s ordinary revenues increased by nearly 20% to CHF 220.1 million, while expenses rose by 9%.
The group’s net profit for the year 2013 more than doubled to total CHF26 million from CHF 12.6 million in 2012.
The bank added that three lines of its business – private banking, asset management and OYSTER investment funds – all saw a positive trend in assets under management.
Commenting on the results, SYZ & CO CEO Eric Syz said: "Our substantial equity capital is easily sufficient to finance our expansion independently. 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 specialized consultants and institutional investors."
