The Syz banking group managed to turn things around last year, returning to a slight profit following two years of losses caused by a restructuring and the disposal of the Oyster fund range. All the business lines of the Geneva establishment are now profitable from an operational standpoint.
Net profit was 1.3 million francs, compared to the loss of 8.2 million recorded in 2020, the group said on Wednesday. Assets under management stood at 27.6 billion francs, representing growth of 6% over one year. In its press release, the Geneva group does not detail the net cash inflows.
Inflows, however, benefited from the takeover of the Zurich manager BHA Partners, to the tune of around one billion francs. Syz nevertheless benefited from a “slight” organic growth in its volumes, general manager Eric Syz told AWP. Overall receipts, for their part, rose by 4.3%.
Since the beginning of the year, the net inflows of money at group level have been positive, specifies Eric Syz, without however venturing into the field of quantified prospects. Business in Russia and Ukraine represents an “anecdotal” part of the group’s activity, assures the co-founder of the establishment.
This article has been published automatically. Source: ats/awp
