Switzerland-based Bank Syz has bought independent asset manager BHA Partners for an undisclosed sum.
The move aims to strengthen the private bank’s domestic presence in the country and boost its growth plans for the Swiss German business.
The deal brings CHF1bn (£819m, $1bn, €958m) in assets under management to the group and the integration process will be led by Nicolas Syz, head of private banking.
The acquisition completed in December 2021, with BHA’s seven-person team joining Bank Syz.
First of ‘many’ deals
Henrik Hedman, principal partner at BHA said: “Independent asset managers today face most of the same compliance and administrative burdens as banks. After starting our careers in large banks and then leaving to set up our own business due to the bureaucracy and lack of client focus we experienced, it made returning to a traditional bank unappealing.
“What made joining Bank Syz so attractive was the entrepreneurial culture of performance-driven client service – and an organisation designed to ensure that bankers remain focused on serving their clients while offering them outstanding investment solutions and fully respecting the highest standards of compliance.”
Yvan Gaillard, chief executive of Bank Syz, added: “This strategic acquisition will be the first of many for Bank Syz, as we look to bolster our home market activity.
“Reinforcing our wealth management footprint in the Zurich financial hub will also allow us to broaden our contacts with the German-speaking markets over the long term. We are integrating an outstanding team with the same mindset that will help deliver an enhanced experience to our growing client base.”