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.