Syz Wealth Management is to partner with Geneva-based fund selection firm, Wealth Solutions Partners to outsource selection of select funds for private clients, Citywire Selector has learned.
WS Partners was launched by HSBC Private Bank’s former head of fund selection Hervé Croset in August 2016.
Under the arrangement, WS Partners will monitor Syz’s external long-only fund's list dedicated to its private clients who are served by the wealth management business line at Syz, in order to ‘quickly address any issues or major changes’.
Syz said it will retain final decision-making on all selected funds, with the suitability of the investment solutions presented to its clients remaining Syz’s sole responsibility.
The move will provide clients with full due diligence on investment firms and thorough quantitative fund analysis. The outsourcing began on August 1 2017, with the new relationship focusing on the wealth management side of Syz.
Croset formed WS Partners after he left HSBC PB in June 2016 following a restructuring of the group’s international fund selection units, which saw it consolidate teams in London.
Croset stepped down from his role, having selected and advised on around €17 billion in assets during his tenure at HSBC.
In a statement to Citywire Selector about the new deal, a spokesperson for Syz Group said: ‘The decision to use WS Partners is driven by the profound will and commitment to offer our customers solid open-architecture for our external fund's selection.
'WS Partners has a proven track record in delivering quality, consistency, and independence. The firm was selected following a rigorous selection process.'
Syz Group said the move was also made with one eye on MiFID II regulation which will have major impacts for wealth management.
'Partnering with a highly tailored service adds value to our current advisory proposition during this period of change,' the company added.