SYZ Asset Management, a subsidiary of Swiss-banking group SYZ, has closed its Hong Kong operation to concentrate on European markets, specifically its headquarters in Geneva.

With the closing of the office, SYZ’s OYSTER fund will not be distributed in Hong Kong, and the firm has stopped conducting all asset management activities from December 2016. The Hong Kong office had five employees.

However, clients will still be served from the Geneva headquarters. OYSTER fund range will be handed by a unit under the leadership of Syz Asset Management head Nico Cacciabue.

Additionally, Suzanna Wong – who was in charge of selling the Oyster Funds in Hong Kong – has left the firm to join Vontobel Asset Management as head of intermediary sales for Asia.

In December 2016, the firm opened its new office in Munich, Germany to offer funds from the OYSTER Luxembourg SICAV range, along with discretionary mandates for institutional clients.

As of June 2016, the company managed €15.9bn in assets under management, and employed100 people throughout multiple locations, including Switzerland, United Kingdom, Luxembourg, Belgium, Italy, France and Spain.