International hedge fund manager and Swiss banking group, [SYZ & CO,](http://www.syzbank.ch) has acquired 50% of the asset management company owned by Spanish alternative investment group N+1. The joint venture, named “N+1 SYZ Gestión”, will provide asset management services to high level clients in Spain, providing discretionary or advisory mandates for large family groups or institutional clients, as well as for investment funds and funds of hedge funds.
*“As has been the case in Italy, we have preferred entering into a partnership with a solid and well-established local partner. This enables us to provide offerings that are adapted to the specific nature of the local market”,* said Alfredo Piacentini, Managing Partner at Banque SYZ & CO. *“We are particularly satisfied with our partnership with N+1, a group we have known for many years, and with which we share the same vision and values.”*
*“The Spanish asset management market is in the midst of dramatic change and today there is real demand for high level international asset management expertise; our alliance with SYZ & CO will enable us to successfully meet this demand”,* said Santiago Eguidazu, N+1’s President. *“SYZ & CO enjoys a strong reputation in the Spanish market and there are strong synergies between our two asset management groups.”*
N+1 Group company currently has approximately CHF 400million ($353 million) in assets under management. The transaction is subject to approval by the CNMV, the Spanish financial markets regulatory authority.
SYZ & CO’s total assets under management now exceed CHF 20bn ($18.6 billion).