Written by: Allegra Catelli

Translated by: Luffy, Foresight News

A Swiss private banking family is facing generational conflict due to differing visions for the future of the company.

Marc Syz has left Banque Syz SA in Geneva, headed by his father Eric Syz, to start anew with business partner Richard Byworth. The core of their disagreement lies in Marc's plan to incorporate the cryptocurrency treasury business Future Holdings AG into the bank's alternative asset division, Syz Capital. Previously, Marc led the operations of this division, and now he is pushing to advance Future Holdings toward a dual listing in two locations, claiming it will create the largest Bitcoin treasury institution in Europe.

Logo of Banque Syz SA in Geneva

This split highlights the management challenges of family businesses and reflects the ideological struggles in Switzerland's wealth management industry. Local boutique private banks not only face fierce competition from many domestic peers, but industry professionals often have conflicting views on the future of the market. Marc stated that he had previously advocated increasing alternative investments, artificial intelligence, and digital asset allocations, expressing concern that some peers overly rely on Switzerland's reputation as a safe-haven to maintain business without innovative breakthroughs.

The bank and Eric Syz responded through a spokesperson, confirming only that Marc and Byworth had left, stating, "Alternative investments have always been a core pillar of Banque Syz's business," without commenting on the specific reasons for their departure. Marc detailed the events in a phone interview.

Syz Capital was established in 2018 under Marc's leadership, managing assets of approximately 2 billion Swiss francs (equivalent to 2.5 billion USD) at the time of his departure, with some funds flowing out subsequently. The original team at Syz Capital remains, managed by Christoph Raninger, the Chief Financial Officer of the Syz Group. Recently, other executives have also left the bank, including Chief Operating Officer Boris Chave.

The catalyst for the deepening rift between father and son was the bank's board of directors vetoing the application for Future Holdings to be incorporated into Syz Capital on the grounds of excessive risk. Marc stated that afterward, he and Byworth were asked to resign from their positions on the board of Syz Capital, and the two ultimately left this wealth management institution entirely.

It remains unclear whether Marc, who holds about 20% of Syz Capital's shares, and Byworth, who holds about 5%, will continue to retain their shareholder status.

Preparing for a Dual Listing

According to insiders, the two are partnering with Stifel Financial Corp to push for a dual IPO for Future Holdings in Sweden and Switzerland, with plans to subsequently transfer to a mainboard listing on the Swiss exchange. The company is considering acquiring additional Bitcoin before then to hold over 3,500 Bitcoins, aiming to become one of the largest cryptocurrency holders in Europe.

Marc Syz

The reporter has not yet received calls or email replies from Stifel.

Earlier this year, Future Holdings completed a merger with the Swedish listed Bitcoin treasury company H100 Group AB, expanding its cryptocurrency asset reserves to pave the way for a potential listing.

The cryptocurrency treasury model was first created by Michael Saylor's Strategy Inc during the pandemic bull market, allowing companies to raise funds by issuing stocks, accumulating large amounts of Bitcoin, and providing investors with equity exposure to Bitcoin without needing to hold tokens directly. The U.S. spot Bitcoin ETF is not expected to be approved for launch until early 2024.

Last year, the cryptocurrency treasury sector experienced an explosion, as Trump's election victory reignited the bull market, and at its peak, several institutions were valued far above their net worth of cryptocurrency holdings. Now that the market has corrected, token prices have fallen from their highs, and many listed Bitcoin treasury companies have seen their market values drop to net asset value or below.

However, Marc Syz and Byworth believe that Switzerland's overall friendly crypto regulatory environment, combined with structural advantages such as low interest rates and the third-highest liquidity stock market in Europe, will provide favorable support for Future Holdings' listing.

2020 Restructuring

Before this personnel change, Banque Syz had undergone multiple rounds of reform in recent years. In 2020, Eric pushed for a restructuring of the bank's framework, divesting the retail asset management business Oyster. Following a prolonged power transition, Eric appointed his other son Nicolas Syz as CEO in February of this year.

Eric Syz comes from a textile industry family, with the family business tracing back to the 1950s. In 1996, he co-founded Banque Syz with Alfredo Piacentini and Paolo Luban, the latter two founders have since exited. The bank is controlled by Eric and high-end jewelry designer Suzanne Syz, who also serves as director of the institution.

In the last five years, the bank's total managed assets have remained stable, growing nearly 12% year-over-year in 2024, rising from 23.1 billion Swiss francs to 25.8 billion Swiss francs, roughly on par with the total assets at the end of 2020. In recent years, the bank has continuously expanded its Zurich business footprint, adding office spaces to accommodate new teams and stated last year that it would "expand asset size across all lines of business and firmly push forward growth strategies."

For Marc and Byworth, in addition to running Future Holdings, the two plan to establish an independent asset management institution to compete with Syz Capital. The new institution will focus on alternative investment strategies, emphasizing asset preservation and appreciation.

Given the market volatility, whether investors will accept Bitcoin treasury listing targets remains uncertain. However, for Marc Syz, this represents both a bet on the digital asset track and a complete break from the traditional Swiss private banking family.