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November 2015
A CLIENT CENTRIC APPROACH
2/29 November 2015
SYZ WEALTH MANAGEMENT IN BRIEF
Client centric organisation
Entrepreneurial spirit
Strive for performance
Fees based on performance
Discretionary mandates to cater our clients' individual needs
Advisory business with rich cross-asset expertise
Global Investment Solutions with outstanding expertise in hedge funds
Private Equity and Corporate Advisory services through first-in-class partnerships
Wealth planning with holistic approach
Broad credit offering to leverage client assets and finance external investments
Trading services with full-fledged trading desk
Swiss banking group with 21 locations worldwide, of which 15 Wealth Management
Investment professionals in 4 continents and 5 time zones
Close proximity to our clients, tailoring our approach to their needs
A wide spectrum of capabilities
A unique corporate
culture
A global coverage
3/29 November 2015
A SUCCESS STORY SINCE 20 YEARSSYZ HISTORY
Banque SYZ foundedOYSTER launched
1996
1999
2000
200120022003
2004
SYZ Bank & Trust NassauLugano office
Locarno office
Luxembourg officeLondon office
ALBERTINI SYZfounded
Zurich office
ALBERTINI SYZgets banking licence
2007
2009
2010
2011
Hong Kong office
N+1 SYZ launched
SYZ Asset Management founded
Paris office
2012SYZ Swiss Advisors launched
2014Dubai office
2015
Acquisition of Royal Bank of Canada (Suisse) SA
IBM’s Deep Blue beats World
champion Kasparov
1st non-stop flight around the world by balloon, piloted by
Bertrand Piccard and Brian Jones
The launch of the iPod revolutionises music-
listening behaviour
SpaceShipOne: the first ever private space flight
Barack Obama elected first African-American president of the US
The eruption of Icelandic volcano Eyjafjallajökull causes major disruption to air travel in Europe
Higgs boson’s existence is experimentally confirmed
Corporate Advisory & Private Equity Services
4/29 November 2015
ERIC SYZA TRUE ENTREPRENEUR
Eric Syz is the majority shareholder and CEO of the SYZ Group.
Eric Syz comes from a Zurich industrial family, which was notably among the founders of Credit Suisse and Zurich Insurance. He began his financial career on Wall Street in 1981. In 1984, he joined the Geneva-based private bank Lombard Odier & Cie, working in asset management, mergers & acquisitions, promoting and designing the group’s products and analysing hedge funds, a category in which he has built robust expertise since the 1980s.
In 1996, he founded the SYZ Group with Alfredo Piacentini and Paolo Luban. Banque SYZ has enjoyed strong growth and is acknowledged by its peers as a true success story in the Swiss banking world.
A major contemporary art collector, Eric Syz is one of the most respected figures in the Swiss banking sector and a key player in the sector’s transformation into a forward-looking financial centre.
5/29 November 2015
WHAT WE STAND FOR…
ENTREPRENEURIAL SPIRIT
Independent
Founded by true entrepreneurs
Free from conflicts of interest
CREATED FOR OUR CLIENTS
We began by listening to our clients’ needs
We then built our bank to bring them real solutions
CREATED TO PERFORM
Expertise
Specialisation
Modern investment style
Fees based on performance
6/29 November 2015
…AND WHAT SETS US APART
Capital protection is our top priority The best way to make gains
is to avoid losses
Aligning our interests We are totally independent, enabling
us to avoid conflicts of interest
Our remuneration depends on our clients satisfaction
A comprehensive view of wealth We take into account all of your wealth,
without limiting ourselves to your portfolio alone
Putting the client first Instead of asking our clients to adapt
to our processes, our model is based on our clients' real concerns
Absolute performance Our benchmark is absolute
performance, not a stock market index
We are clearly motivated to seek out the best asset managers and the highest performing products
An approach based on net return, after tax We take costs and the tax impact into
consideration in our investment approach
7/29 November 2015
WE ARE CREATED FOR OUR CLIENTS…
CLIENT
SYZ OFFERINGCLIENT NEEDS
SYZ EMPLOYEES
Dedicated to their clients
Highest professional standards
Taking into account our clients' real concerns
Holistic approach to client needs
Customised offerings to cater individual needs
Broad range of wealth management services
8/29 November 2015
…AND WE ARE CREATED TO PERFORM
PERFORMANCE
SELECTIONOF THE BEST ASSET MANAGERS
ACTIVE MANAGEMENT
RISK MANAGEMENTExtensive use of hedging techniques
Use of products with asymmetrical profiles
We invest independently of stock market indices
Our size gives us agility
Our objective is to provide the best asset management
We supplement our in-house skills with the world’s best specialists
9/29 November 2015
FINANCIALLY STRONG WITH CONTINUOUSLY GOOD TRACK RECORD
AuM of CHF 40bn in 2015
17% annual growth since 2012
Group rated Baa2 on 21 May 2015
Placed under review for possible downgrade on 23 July 2015 due to the announced acquisition of RBC (Suisse) SA
Estimated Tier-1 ratio of 16% in 2016
25 29 29
40
0
20
40
60
2015
CHF bn
+17%
2012 2013 2014
CONTINUOUS GROWTH SOLID CAPITAL RATIO GOOD RATINGS
16%Tier-1 ratio in 2016
Baa2by Moody's
A2/P-1for long-term/
short-term deposits
10/29 November 2015
OVERVIEW OF OUR SERVICES AND EXPERTISESYZ GROUP OFFERING
SYZ ASSET MANAGEMENT
OYSTER Funds
OYSTER Alternative
SYZ AM Funds
SYZ WEALTH MANAGEMENT
Global Investment SolutionsDiscretionary
TradingWealth planning Credit
Advisory/ Research
SYZ Swiss AdvisorsPrivate clients Independent Asset Managers
11/29 November 2015
A SUCCESSFUL BOUTIQUE PLAYERSYZ ASSET MANAGEMENT
Multi-boutique offering focused on active management
Equities: Europe, Italy, US, Japan, Emerging Markets, Global, High Dividend, Market Neutral
Fixed Income: CHF, EUR, EUR Corporate, USD, High Yield, Convertibles, Flexible
Multi-Asset: Absolute Return, Diversified, Real Return Inflation linked, Active Protection.
Multi-Manager: Alternative investments
Clear commitment to performance expressed through 5 principles
Alpha generation
Focused portfolios
Non-dogmatic investments
Unrestrained fund management
Innovation
Swiss and international institutional client base
Pension funds, insurers, corporates and investment funds
Investing either through the Group’s investment funds or via segregated mandates
Comprehensive investment teams
Experienced managers and team members
Pure play strategists
Proven track record
12/29 November 2015
WITH SPECIAL FUND OFFERING AND EXPERTISESYZ ASSET MANAGEMENT
OYSTER FUNDS UCITS Luxembourg SICAV
with pan-European and Asian distribution
26 strategies in the major asset classes and niche strategies
Top-performing funds aimed at a professional market
Effective mix of in-house and external fund managers
Recognised fund brand(ranked #34 in the Top 50 preferred fund brands in Europe1)
OYSTER ALTERNATIVE Selecting hedge funds and
managing multi-manager funds is one of the Group’s long-standing skills
SYZ’s 19-year track record is one of the longest in Europe
A diversified single- and multi-strategy alternative products offering
SYZ AM FUNDS Swiss-domiciled funds for
Swiss institutional investors
Focused on CHF fixed income strategies
1: Fund Buyer Focus/Morningstar 2014 ranking
Note: Some funds may be restricted to qualified investors only and/or to certain jurisdictions
13/29 November 2015
INVESTMENT PROCESS
CREDIT TRADINGWEALTH
PLANNINGONLINE
BANKING
DISCRETIONARYMANAGEMENT
GLOBAL INVESTMENT SOLUTIONS
ADVISORY/ RESEARCH
OUR OFFERINGSYZ WEALTH MANAGEMENT
14/29 November 2015
VARIOUS PROFILES TO CATER OUR CLIENTS’ NEEDS
STA
ND
AR
D P
RO
FILE
S
SPEC
IAL
PRO
FILE
S
Absolute Return
Defined risk budgetHigh liquidityLow FX risk
100% Equities
Dividend stocksOpen Architecture FundsStock-picking
100% Fixed Income
High Yield or EM biasIncome generation
CPI + Oriented on protection against inflation
15%
15%
15%
13%
62%
40%
23%
10%
20%
40%
52%
62%
10%
15%
3%
5%
Low
Moderate
Medium
High
Alternatives Equities Fixedincome Cash
No strict minimum size for special mandates but ideally above USD/EUR/CHF 1mio
Reference currencies : CHF/USD/EUR/GBP/CAD/SEK
Management fine-tuned to take into account local tax rules
FX : managed as an asset class
DISCRETIONARYMANAGEMENT
15/29 November 2015
HOW WE INVESTA
CT
OR
PR
OC
ESS
TO
OLS
CIO / Strategy Committee
Client via Relationship manager
Top Downanalysis
Forecasts/Modelling
Neutralpoints
OW /UW
In-housebottom-up
analysis
Fundanalysis
3rd partyanalysis
Restr. Man.Tools
Riskanalysis
Fiscal rules
Volatilityreview
Performancereview
Expected returns
MarketAnalysis
Strategy Grid
ModelPortfolio
Implemen-tation
Profiledefinition
Discretionary Portfolio Management Team
Client Portfolio
RISK CONTROL
Example: Portfolio management – Discretionary mandates
INVESTMENT PROCESS
16/29 November 2015
A CROSS-ASSET GLOBAL EXPERTISE
ADVISORY/ RESEARCH
EXTERNAL BROKERS 20 brokers access
SYZ TRADING 8 experts (Equities, Bonds, FX,
Structured products)
SYZ FUND RESEARCH Fund analysis
Open architecture
SYZ ASSET MANAGEMENT 34 UCITS funds
Macro analysis/Tactical allocation
ADVISORY TO EXTERNAL ASSET
MANAGERS
ADVISORY TO RELATIONSHIP
MANAGERS
DIRECT ADVISORY TO CLIENTS
• Global Equities
• Global Bonds
• FOREX
• Alternative Investments
• Structured Products
ADVISORY
17/29 November 2015
…WITH A WIDE OFFERING
Our offer
Active Equity & Bonds lists
Weekly investment note
Company notes
Flash notes to RMs & Clients
Portfolio Analysis & Design
Our strengths
Global Equity selection
Global Bond selection
Hedge Funds selection (GIS)
FX advisory
Structured products advisory
ADVISORY/ RESEARCH
18/29 November 2015
HEDGE FUND EXPERTISE & SERVICES
Global Investment Solutions
Hedge funds and global alternative team. USD 2bn in hedge fund investments
Focusing on the specific needs of private individuals, family offices, external asset managers and trusts
Offer of Services
Portfolio management of tailor-made portfolios as per client’s predefined needs
Active advisory on selected high-quality hedge funds, including redemption recommendations. Offer capacity in closed funds
Research Skills
Internal global hedge fund research capabilities. More than 100 hedge funds approved
Subscriber to Albourne, leading independent hedge fund research service
Portfolio Management Skills
Focus on performance and downside protection
6.5% annualised outperformance vs. hedge fund index
Flat performances during equity down months
GLOBAL INVESTMENT SOLUTIONS
Note: Some funds may be restricted to qualified investors only and/or to certain jurisdictions
19/29 November 2015
TAKING CARE OF OUR CLIENTS WEALTH BEYOND INVESTING
OBJECTIVES
DEDICATED SERVICE
Wealth planning is a dedicated service aimed at assisting clients in the:
Evaluation of financial, economic and risks from asset allocationIdentification of compliant investment instruments in partnership with legal counsels Coordination of family mattersSuccession solutions for businesses and private assets
DIFFERENTIATINGAPPROACH
We differentiate ourselves from an external advisor thanks to:
Holistic analysis of legal and fiscal situationNeutral and independent identification of your objectivesDevelopment of tailor-made wealth plan thanks to our multi-disciplinary expertiseSolution implementation in our banking environment
BREADTH OF TOPICS COVERED
Tax solutions
Understanding tax implications in multiple jurisdictionsCompliant solutions by using investment wrappers such as collective investment schemes
Restructuring for tax and legal change
Regular reviews to identify risks and define strategies to avoid risks with tax and legal counsels
Concentrated equity planning
Developing strategies to enhance position lending valueCreate liquidity
Insurance solutions
Unit-linked insurancesGuaranteeing liquidityPortable from one country to the other
Dispositive planning
Alternatives to proper ownership for asset protection purposes and/or heritage transferSuccession planning solutions and transfer facilitationSolutions to achieve clients’ philanthropic objectives
Cross-border planning
Expatriation opportunities for individuals Solutions for entrepreneurs who need to freely travel around Europe
WEALTH PRESERVATION WEALTH ENHANCEMENT
WEALTH PLANNING
20/29 November 2015
ALLOWING FOR FINANCIAL FLEXIBILITY
Cash, MM, Fiduciary
Fixed Income
Equities
ETF Funds
Internal Funds
Recommended Funds
Hedge Funds
Insurance Policies
COLLATERALISED CREDIT FACILITIES
Leveraging the assets with the bankFinancing external investments
Overdrafts in all major currenciesFixed term loans in all major currencies and up to 5 yearsFirst demand bank guaranteesDerivatives trading
FLEXIBLE UTILISATION
PRODUCT
LENDING VALUEPRODUCT
Max 100%
Max 95%
Max 75%
Fixed Income max. 95%/Equity max. 75
Based on asset class
Based on asset class
Max 60%
On a case-by-case basis, depending on contract type
CREDIT
21/29 November 2015
FULL RANGE OF TRADING SERVICES AT YOUR DISPOSAL
VIP service with high added value Personalised advice,
implemented by devising a tailored investment strategy
Actively managed currency overlay, with continuous monitoring for optimisation
Highly controlled risk management with systematic stop loss limits and call levels
Technical analysis
Continuous information through a range of publications, external research and market news flows
Trading volume per year
1
Equities: ~CHF 7bn
Bonds: ~CHF 6bn
Forex spot/forward/swap: ~CHF 110bn
Derivatives forex: ~CHF 7bn
Competitive trading services Direct access to the trading room
for clients & IAM
Long opening hours
Competitive prices, obtained by creating competition among more than 28 different bank counterparties
Meticulous execution in line with “Best Execution” principles
TRADING
1. Trading volumes 2014
22/29 November 2015
AT THE FOREFRONTOF TECHNOLOGY
SYZ Direct
The eBanking solution that allows to access client accounts 24 hours, 7 days a week
Account statements and portfolio evaluations can be viewed, printed or exported as required
Our eBanking respects the high security norms that we apply to all our activities
SYZ Mobile
Intuitive, safe and user-friendly, this iPad app enables our clients to view at any moment the situation and the results of their portfolio
Taking advantage of modern technologies, SYZ Mobile allows our clients to view their account information and to choose the desired granularity, from a simple overview to the details of each position
Available information
Summarised view with portfolio evaluation, performance of the ongoing year and administrative information
Performance of the ongoing year, with a synthetic or detailed vision including inflows / outflows of funds
Breakdown by asset classes and currencies, current state and 12-month history
Current account balance
Detailed positions with average cost, current price and unrealised profit / loss
ONLINE BANKING
23/29 November 2015
UNIQUE SERVICES FOR IAMS
A strategic activity with dedicated resources Genuine investment management specialist
A team of experienced professionals, totally dedicated to IAM
A bank that truly adds value Dedicated solutions for private clients as well as IAM
State-of-the-art IT systems
Flat structure and rapid decision-making process
Trading room Direct access to the SYZ Trading Room will be granted to IAM with a sufficient size
and specifics needs
A renowned active advisory Bespoke recommendations based on SYZ’s high value-added research
Ability to handle all asset classes
Open architecture
SYZ INDEPENDENT ASSET MANAGERS
24/29 November 2015
SERVING OUR US CLIENTS
About SYZ Swiss Advisors
SEC-registered Swiss investment advisor based in Zurich
Clientele served
American investors based in the US and abroad
SYZ SWISS ADVISORS
Services offered
Discretionary investment management
Choice of several investment profiles
US tax compliant portfolio management
Full tax statements
25/29 November 2015
ACCESS TO DEEP CROSS-ASSET EXPERTISESYZ KNOWLEDGE WORLD
SYZ ASSET MANAGEMENT OYSTER Funds, special mandates,
institutional mandates
SYZ RESEARCHExternal funds, global equities, global
bonds, hedge funds
DISCRETIONARY PORTFOLIOVarious balanced mandates, special mandates & hedge funds mandates
TRADING DESKDirect access & advisory, forex,
equities, bonds, derivatives
WEALTH PLANNINGOptimisation, shareholder
maximisation, transfer to next generations
CREDIT & LENDINGLombard & external loans, bank guarantees, credit, prepaid cards, cheques
GLOBAL INVESTMENT SOLUTIONS
Hedge fund expertise & services
ADVISORYGlobal equities & bonds – direct line &
funds, forex & derivatives, hedge funds & alternatives, external funds
recommendation list
ACCESS TO EXPERTISE
Wealth Management Asset Management
26/29 November 2015
RECOGNISED QUALITY & SERVICESYZ AWARDS
October 2014The Swiss banking Group SYZ & CO has been voted“Best Private Banking Boutique” by the jury of the Global Private Banking Awards 2014 organised by PWM (Professional Wealth Management) and The Banker, two publications of the Financial Times group.
August 2014Banque SYZ & CO ranked best Swiss bank in terms of soundness in the annual ranking of the world’s top banks drawn up by the benchmark magazine The Banker.
November 2015For the second year running, Banque SYZ has been voted “Best Private Banking Boutique” by the jury of the Global Private Banking Awards 2015. Organised by PWMProfessional Wealth Management and The Banker, both Financial Times Group publications.
November 2013Eric Syz, Co-founder and Managing Partner of the Swiss banking group SYZ & CO, was awarded the “Judges’ Award Industry Leader" in the 2013 Global Private Banking Awards, organised by PWM and The Banker.
27/29 November 2015
21 PRESENCES WORLDWIDE, OF WHICH 15 FOR WEALTH MANAGEMENT
SYZ GROUP
28/29 November 2015
CONTACTSReggio EmiliaBanca ALBERTINI SYZ SpAVia Roma 8I – 42100 Reggio EmiliaTel: +39 0522 45 921
BolognaBanca ALBERTINI SYZ SpAPiazza Calderini 3I – 40124 BolognaTel: +39 051 29 10 51
TorinoBanca ALBERTINI SYZ SpACorso Re Umberto 77I – 10128 TorinoTel. (+39) 011 503232
MadridN+1 SYZPadilla 17E – 28006 MadridTel: +34 91 745 84 84
BilbaoN+1 SYZAlameda de Recalde, 35, 6° dchaE - 48011 BilbaoTel: +34 94 443 63 51
BarcelonaN+1 SYZ Paseo de Gracia, 101 E - 08008 BarcelonaTel: +34 93 218 15 40
ParisSYZ (France) SAS8, place VendômeF – 75001 ParisTel: +33 (0)1 55 35 98 80
BrusselsSYZ Asset Management (Luxembourg) SA38/40 Square de MeeûsB - 1000 Bruxelles Tel: +32 (2) 401 61 21
SWITZERLAND
GenevaBanque SYZ SARue du Rhône 30Case Postale 5015CH – 1211 Genève 11Tel: +41 (0)58 799 10 00 Fax: +41 (0)58 799 20 [email protected]
GenevaBanque SYZ SARue François-Diday6 Case postale 5696 CH - 1211 Genève 11Tel: +41 (0)22 819 42 42Fax: +41 (0)22 819 43 43
GenevaSYZ Asset Management (Suisse) SARue du Rhône 30Case Postale 5015CH – 1211 Genève 11Tel: +41 (0)58 799 18 00 Fax: +41 (0)58 799 20 46
Zurich – AgencyBank SYZ AGDreikönigstrasse 12CH – 8027 ZürichTel: +41 (0)58 799 77 37Fax: +41 (0)58 799 22 00
Zurich – Representative officeSYZ Asset Management (Schweiz) SADreikönigstrasse 12CH – 8027 ZürichTel: +41 (0)58 799 77 37Fax: +41 (0)58 799 22 00
Lugano – AgencyBanque SYZ SARiva Paradiso 2Casella postale 542CH – 6902 Lugano - ParadisoTel: +41 (0)58 799 67 20Fax: +41 (0)58 799 23 00
ASIA
Hong KongSYZ Asset Management (Asia) Ltd6501, 65/F, The Center99 Queen’s Road CentralHong KongTel: +852 3911 0800
MIDDLE EAST
DubaiBanque SYZ SA(Dubai Representative Office)Dubai International Financial CentreOffice Nr. 13, Gate Village 4, Level 3P.O. Box 113355 – Dubai, UAETel: +971 (0)4 401 99 99Fax: +971 (0)4 401 91 14
AFRICA
JohannesburghBanque SYZ SA, South Africa Representative OfficeSuite 8, First Floor The Orchard, 89 ButeLane Sandown RSA - Sandton 2196PO Box 653641 Benmore RSA - Sandton 2010Tel: +27 (0)11 305 2382Fax: +27 (0)86 685 6231
Lugano – Representative officeSYZ Asset Management (Suisse) SARiva Paradiso 2CH – 6902 Lugano-ParadisoTel: +41 (0)58 799 67 20Fax: +41 (0)58 799 23 00
Locarno – AgencyBanque SYZ SAVia Cattori 4Casella postale 1461CH – 6601 LocarnoTel: +41 (0)58 799 66 66Fax: +41 (0)58 799 22 50
EUROPE
LondonSYZ Asset Management (Europe) LimitedAuthorised and Regulated by the FCASouthwest House11a Regent StreetLondon SW1Y 4LRTel: +44 (0) 20 30 400 500
EdinburghSYZ Asset Management (Europe) LimitedAuthorised and Regulated by the FCASouthwest House31 Charlotte SquareEdinburgh EH4 4ETTel: + 44 (0) 20 30 400 500
MilanBanca ALBERTINI SYZ SpA Via Borgonuovo 14I – 20121 MilanoTel: +39 02 30 30 61www.albertinisyz.it
ZaragozaN+1 SYZAlbareda 1. 2°B50004 ZaragozaTel.: +34 976 79 51 60
LuxembourgSYZ Asset Management (Luxembourg) SA54 rue Charles MartelL – 2134 LuxembourgTel: +352 26 27 36-1
Global Investment Selection SA54 rue Charles MartelL – 2134 LuxembourgTel: +352 26 27 36-1
OYSTER SICAVBoulevard de la Foire 11-13L – 1528 LuxembourgTel: +325 26 27 31-1
NORTH AMERICA
NassauSYZ Bank & Trust LtdOld Fort Bay Town Centre, Building 2Windsor Field RoadP.O. Box N-1089Nassau – BahamasTel: +1 242 702 1400
Alternative Asset Advisors SAOld Fort Bay Town Centre, Building 2Windsor Field RoadP.O. Box N-1089Nassau – BahamasTel: +1 242 702 1423
MiamiBanque SYZ SA (Representative Office)801 Brickell Avenue, Suite 1501 USA - Miami, Florida 33131Tel: (305) 371 7141Fax: (305) 371 7145
Disclaimer
This marketing document has been issued by the SYZ Group (hereinafter referred to as " SYZ ”). It is notintended for distribution to or use by individuals or legal entities that are citizens of or reside in a state,country or jurisdiction in which applicable laws and regulations prohibit or restrict its distribution,publication, issue or use.It is the user's sole responsibility to assess whether or not the recipient of the present document is fullypermitted to take part of the document in their country of domicile / residence and, if so, to not holdBank SYZ Ltd accountable for any claims or proceedings that the recipient could face.This material is intended for informational purposes only and should not be construed as an offer,recommendation or solicitation for the purchase or sale of any financial instrument, or as a contractualdocument. The information provided herein is not intended to constitute legal, tax, or accounting adviceand may not be suitable for all investors. Any decision to buy, sell or subscribe to any kind of financialinstrument would be made under the user's sole responsibility without any liability of any kind of SYZ.SYZ waives any liability for any and all forms of loss or damage that could arise from, or in connectionto, the present document. The market valuations, terms, figures and calculations contained herein areestimates only and are subject to change without notice. SYZ will not follow up on the evolution of theinformation and will not be in position to revert to a user / users, should such information be changed inthe future.The information provided is believed to be reliable; however the SYZ Group does not guarantee itscompleteness or accuracy. Past performance is not an indication of future results, and neither isperformance nor capital being guaranteed.