Spanish wealth manager, N+1 Syz, has opened an office in Zaragoza, Spain’s fifth most populous city, and expanded its private banking team in Madrid.
N+1 Syz is 50% owned by Swiss private bank Syz & Co and operates an asset management business with €1 billion of assets under management.
The Zaragoza office will be managed by Javier Martinez Suárez, formerly executive director at La Caixa’s private banking unit in the same city.
Syz & Co, which now has four offices in Spain and owns the Luxembourg-domiciled Oyster Funds brand, has been expanding its wealth and asset management business in recent years. It opened offices in Dubai and Edinburgh last year.
Xavier Guillon, head of Oyster Funds, told Funds Europe in 2014 that scrapping rebates paid by asset managers to financial advisers – such as in the case of the UK following the Retail Distribution Review – could hurt less well-known fund houses and stifle consumer choice.
Advisory business in the Spanish market is still driven largely by rebates.
N+1 owns 25% of the joint venture and is a Spanish financial adviser and asset management business.
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