The new company, N + 1 Syz Agencia de Valores, has been approved by the Spanish regulatory authority, the Comisión Nacional del Mercado de Valores to give investment and private banking advice.
The new company will be managed by Alfonso Gil and will have a total staff of around twenty. Initially N+1 Syz will be active in Madrid and Bilbao, but other locations are planned. The company is 50% owned by Syz & Co., with the remaining 50% ownership split between N + 1 and the executives of the company.
Syz & Co. said it will be targeting the high net worth market which it believes is not currently served by the existing competition in Spain.
“We know the Spanish market well because our products have been marketed there for over 10 years and we believe that Spain offers real growth prospects, particularly in the area of private banking,” said Alfredo Piacentini, managing partner of Banque Sys & Co. “Our management expertise, N+1’s extensive network of contacts and the reputation of the team that has joined us form a winning combination.”
