N+1 and the management team of its private banking business (to be renamed as N+1 Wealth Management from previous N+1 SYZ) have agreed with SYZ Group the acquisition of its 46% stake in the entity.
As part of the agreement, SYZ Group will remain at least three years as provider of investment advisory services and asset allocation, ensuring the continuity of a flexible, agile and private investor oriented management style, with a strong variety of portfolio assets and a performance aiming to ensure low volatility.
“The agreement strengthens the project foundations: an independent advisory service and the strong commitment and alignment of the team with our clients”, said Alfonso Gil, CEO of N+1 Wealth Management. “For our clients – mainly businessmen with diversified wealth – N+1’s value-added as a Group goes beyond pure wealth management, as its capacities include financing, debt restructuring or corporate transactions”.
Eric Syz, CEO of the SYZ Group, added “I share the long-term views of Alfonso Gil and his team and am very proud to have participated as an investor with N+1 in this success story. The agreement we came to will allow further development of our activities in the Iberian market which is part of SYZ Group‘s growth strategy.”
Santiago Eguidazu, Executive Chairman of N+1, said: “we wouldn’t have been able to build so much traction in this business, initiated a few years ago, without the contribution of SYZ, a magnificent partner to date and our chosen collaborator for the future”. Mr. Eguidazu added: “I am very pleased to increase our stake in a business activity which has proved valuable not only for the segment itself, but for the whole Group from a strategic point of view. On one hand, the bankers’ access to Spanish family businessmen has clear synergies with our investment banking and asset management. On the other, it integrates recurrent – and growing – income, increasing our capacities to generate profits for our shareholders in the mid- and long-term”.
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