Swiss banking group Syz & Co has posted an increase in revenues and earnings for 2009.
Gross revenues reached CHF284.8m in 2009, up from CHF245.6m in 2008, while the net result rose to CHF81.6m from CHF32.6m in 2008.
Conventionally managed assets, which account for 80 per cent of the total, increased by 38 per cent.
“When falling markets do not allow performance fees to be earned, Syz & Co remains largely profitable, as was the case in 2008, thanks to its carefully controlled cost base. When the stock markets regain a normal trend, the positive impact of these fees is very significant,” says Eric Syz, managing partner.
Alternative investments suffered from the generally unfavourable environment for this asset class. At the consolidated level, total assets under management increased from CHF18.3bn to CHF19.0bn at the end of 2009, to reach CHF20bn today.
Syz & Co plans to continue its expansion in Switzerland, with an acquisition before the end of the first half.