The Swiss banking group SYZ & CO and the Madrid-based asset management
company A&G Fondos, Asesores y Gestores Financieros Fondos have announced
the imminent launch of two Spanish-regulated funds of hedge funds.
SYZ & CO and A&G are thus among the first institutions to benefit from
new Spanish legislation authorising the marketing of alternative investment
funds. Thanks to this agreement, the SYZ & CO Group is taking its first
step in developing its alternative asset management services in the Spanish
market.
These two funds regulated by Spanish law, AYG SYZ Multi Strategy and AYG SYZ
Low Volatility, are expected to be approved in the coming weeks by CNMV, the
Spanish regulator. New Spanish regulations on funds of hedge funds require the
fund manager to be a Spanish entity holding a specific licence for that purpose.
A&G will therefore act as manager of these funds and will be in charge of
their marketing in Spain. SYZ & CO will advise A&G through its alternative
management division, 3A SA.
The two funds will be euro-denominated, with a minimum investment of EUR 100.
AYG SYZ Multi Strategy will be rebalanced monthly, while AYG SYZ Low Volatility
will be rebalanced quarterly. Annual management commissions will be charged
at 1.5% for both funds, with a performance fee of 8% for AYG SYZ Multi Strategy
and 5% for AYG SYZ Low Volatility.
A&G will market these products directly to its own clients and also through
other entities or fund distribution platforms. Its established local presence
and its orientation toward alternative funds should facilitate market penetration
for these two new funds. SYZ & CO also intends to offer institutional investors
the opportunity to invest through direct mandates to manage hedge fund portfolios.
The Swiss banking group SYZ & CO was founded in 1996 by Eric Syz, Alfredo
Piacentini and Paolo Luban. In addition to the Bank’s headquarters in
Geneva, the Group also has offices in Switzerland in Zurich, Lugano and Locarno,
as well as abroad in Milan, Rome, London, Luxembourg, Salzburg and Nassau.
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