SYZ & CO has acquired State Street Global Advisors' (SSgA) Swiss institutional fixed income activities, for an undisclosed sum.

The agreement was made between the Swiss banking group and SSgA for the transfer of the Advisors' Zurich-based business, and represents several billions in assets under management as well as clients including public and private pension funds.

The asset management team, made up of three, will join SYZ Asset Management, which is the group's institutional asset management entity, and will be based in Zurich.

The transaction strengthens SYZ & CO's institutional business, and offers attractive diversification and synergies.

The deal was made as part of SSgA's review of its activities which aimed to define a new operational model in Europe.

"We chose SYZ & CO for its expertise and track record in asset management, and for its position in the Swiss market," commented Rüdiger Zeppenfeld, managing director of SSgA in Zurich. "This transaction has our full support, and is endorsed as well by the teams concerned. We encourage our clients to accept the proposed change as it allows for continuity with the same approach and asset management team, within a solid organisation which understands the complex needs of institutional investors."

SYZ & CO managing partner and head of asset management, Paolo Luban, added that the acquisition presents a number of benefits to the group. "Indeed, this domestic client base strengthens our institutional asset management business and ideally complements our own existing client base. This team enjoys a first-rate track record and its reputation will allow us to assert our position along the Limmat River."

The institutional fixed income asset management is headed by Daniel Hannemann, and also includes Martin Oetiker and Luzius Kuster.

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