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Syz acquires State Street’s Swiss fixed income activities

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The Swiss banking group Syz has signed an agreement to acquire State Street Global Advisors’ Zurich-based institutional Swiss fixed income activities.

The transfer represents several billions in assets under management and includes numerous pension funds, both public and private.

The three-person asset management team will join Syz Asset Management, the group’s institutional asset management entity, and will be based in Zurich.

The acquisition results from State Street Global Advisors’ review of its activities in order to define a new operational model in Europe.

The clients concerned by the transfer include primarily public pension funds or large private corporations’ pension funds, invested in Swiss fixed income products through segregated mandates and three Swiss-domiciled funds dedicated to institutional investors.

“We chose Syz & Co for its expertise and track record in asset management, and for its position in the Swiss market. This transaction has our full support, and is endorsed as well by the teams concerned,” says Rüdiger Zeppenfeld (pictured), managing director of State Street Global Advisors in Zurich. “We encourage our clients to accept the proposed change as it allows for continuity with the same approach and asset management team, within a solid organization which understands the complex needs of institutional investors.”

“The acquisition presents numerous benefits for our group. Indeed, this domestic client base strengthens our institutional asset management business and ideally complements our own existing client base,” adds Paolo Luban, managing partner of Syz and head of asset management. “This team enjoys a first-rate track record and its reputation will allow us to assert our position along the Limmat River.”

Headed by Daniel Hannemann, the institutional fixed income asset management acquired by Syz also includes Martin Oetiker and Luzius Kuster. The team’s three members will move shortly into new offices on Dreikönigstrasse.

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