Swiss Syz Bank Rocked by Generational Discord as Founder's Son Flees with Crypto Project

BlockBeats News, March 23rd, Swiss private bank Syz Bank recently experienced a family dispute as founder Eric Syz's son Marc Syz has resigned along with business partner Richard Byworth due to disagreements with his father over the business direction.

The core of the disagreement lies in whether to include the cryptocurrency firm Future Holdings AG in the bank's alternative asset division, Syz Capital. Marc advocates for increased investment in alternative assets, artificial intelligence, and digital assets, while the bank's board withdrew approval for the plan due to risk considerations. Marc is currently working on advancing Future Holdings' dual listing in Sweden and Switzerland, with plans to establish it as Europe's largest Bitcoin asset company.

Under Marc's leadership, Syz Capital managed assets of around 2 billion Swiss francs (approximately 2.5 billion US dollars), and some funds have seen outflows since his departure. The bank has also recently undergone other executive changes, including several executives, including the COO, resigning.

Marc and Byworth still hold approximately 25% of Syz Capital's shares, and it is unclear whether they will retain their shareholder status in the future. Both are also planning to establish a separate asset management company focused on alternative strategies for capital preservation and growth.

Syz Bank stated through a spokesperson that alternative investments remain a core pillar for them but declined to comment on the details of the resignations.