Swiss private bank Banque Syz is embroiled in a family feud over its crypto strategy, leading to the departure of the young heir to start his own business.
PANews reported on March 25th, citing Bloomberg, that internal strife within the Swiss private bank Banque Syz has erupted due to disagreements over crypto strategy. Marc Syz has left the bank after disagreements with his father, Eric Syz, over plans to integrate crypto treasury company Future Holdings into the bank's alternative assets division, Syz Capital. Marc Syz and his business partner, Richard Byworth, are currently preparing for a dual listing of Future Holdings in Sweden and Switzerland and plan to establish an independent asset management company. Earlier this year, Future Holdings merged with the Swedish listed company H100 Group; the combined entity will hold approximately 3,500 bitcoins, becoming one of the largest corporate bitcoin holders in Europe.
Marc Syz stated that he advocates for increased investment in alternative assets, artificial intelligence, and digital assets, expressing concern that some institutions are overly reliant on Switzerland's reputation as a safe haven to sustain their businesses. The bank confirmed the departure of Marc Syz and Byworth, stating that alternative investments remain a core pillar of the bank. Under Marc's leadership, Syz Capital's assets under management had grown to approximately CHF 2 billion; his departure has led to the group's CFO taking over the team.
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