The Switzerland-headquartered firm has confirmed that it has closed its Hong Kong office as part of a shift in its business structure.

SYZ Asset Management, part of Geneva-headquartered SYZ Group, has confirmed the closure of its office in Hong Kong at the end of last year.

A spokesperson told this publication that SYZ  Asset Management “has decided to centre its activities in Geneva and to concentrate on continental European markets, as confirmed by the recent opening of the branch in Munich”.

SYZ’s OYSTER Funds range will not be distributed in Hong Kong in its current form but clients will be served and followed from the Geneva headquarters, the spokesperson said. Additionally, for key accounts and global consultants, a dedicated team under the responsibility of M Nico Cacciabue will be in charge.

SYZ did not have a wealth management representative office in Asia.

The development comes at a time of mixed fortunes for some European wealth houses in the Asian market. While some houses, such as UBS, Credit Suisse, Julius Baer and BNP Paribas, have built presences in the region, other firms, such as ANZ, Barclays, Banque Internationale à Luxembourg and Societe Generale, have closed or sold operations to refocus on other areas.