Swiss private bank Banque Syz & Co is reportedly mulling options to open new offices in Singapore and Japan.
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Additionally, the bank, which manages $38bn in assets under management, is also planning to acquire an Asian fund firm in a move to strengthen its presence in the region, reports AsianInvestor.
Banque Syz founder Eric Syz said that the firm is looking at Hong Kong rather than Singapore for acquisition as the former is an international platform that focuses more on asset management.
As part of the expansion plan, Syz is searching for Asian fixed income or equity manager or both, with assets between $500m to $1bn.
In 2012, the bank was seeking to recruit equity and fixed income professionals in the region.
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By GlobalData"To be credible in the region you not only need distribution; you need to have a local presence and produce local content. Syz could also help its prospective partner expand by distributing its products in Europe," Syz added.
Also, Syz is currently expanding its focus on two businesses including wealth management and asset management through segregated mandates for wealthy individuals, family offices and institutions.
Moreover, the bank will launch its asset management capabilities on the institutional side and will sell its mutual funds to institutions and HNW individuals.
Suzanna Wong, head of Hong Kong office, said that the firm is also seeking opportunities in Korea and Taiwan. The bank already has an office in Hong Kong, which was opened in 2007.
"Taiwan institutions are used to buying funds and are gearing towards diversification, and in Korea they have been sitting on a lot of cash for a long time. They have been looking at liquid alternatives," she added.
