Under the agreement, iM Global Partner is expected to acquire SYZ Asset Management - Luxembourg (“SAM Luxembourg”), OYSTER Sicav’s Luxembourg-domiciled management company. SAM Luxembourg has distribution agreements with about 80% of Europe’s open architecture fund distributors and is present in most major European fund markets through a locally based, multilingual sales & marketing team. The acquisition, which remains subject to approval by the relevant regulatory authorities, is due to be completed in the first quarter of 2020.
The €2 billion AUM OYSTER fund range will continue to be managed by SAM Luxembourg and, subject to regulatory approval, will benefit over time from outstanding fund managers selected by iM Global Partner. This partnership will provide the opportunity to refine and grow the range of high performing strategies offered to existing and new investors.
Harnessing global opportunities
The evolution of OYSTER will leverage existing local market footprints, while harnessing global opportunities. The sales force, based in France, Italy, Switzerland, Germany and in the UK, will integrate into iM Global Partner’s International Distribution team, reporting to Jose Castellano, Deputy CEO of iM Global Partner and Head of Distribution (ex US).
“We’re delighted to be working with iM Global Partner to develop OYSTER” said Eric Syz, CEO of the SYZ Group. “More importantly for our private banking clients, this partnership creates a deeper product and service offering while giving them greater choice. The new strategic direction will ensure the continuity of investment excellence, and an enhanced offering for existing investors, and bring the OYSTER brand to a more global audience.”
Privileged access
Through the partnership, Banque SYZ, the private banking arm of the SYZ Group, will enjoy a privileged relationship with a worldwide multi-boutique player that partners with outstanding investment managers with strong growth potential. The partnership offers SYZ Group's clients a combined range of high-quality active strategies. In addition, they will have access to a new range of products, through the iM Global Partner offering.
Philippe Couvrecelle, Founder and CEO of iM Global Partner adds: “We are delighted to have been chosen by Banque SYZ to serve the wholesale and institutional clients of OYSTER and be an important funds provider to their private banking client base. This transaction is a testimony to iM Global Partner’s ambition to be recognized as a world-class multi-boutique investment platform with global distribution capabilities.”
“This partnership will enable us to strengthen our offering and demonstrate the efficiency of our unique model, says Philippe Couvrecelle. We will also accelerate our international sales force development with more local presence offering a complete range of products including some of our existing Partners’ strategies.”
The SYZ Group remains dedicated to active management and creating innovative asset management solutions. This is underlined by the creation of SYZ Capital which is at the forefront in the development of alternative and private market strategies and has CHF 1 billion of Assets Under Management. SYZ Asset Management, the SYZ Group’s CHF 10 billion Swiss Institutional business will not be impacted by OYSTER’s repositioning.