A generational conflict has erupted within a Swiss private banking dynasty over differing views on the future of the family firm and the role of digital assets, reports Bloomberg.
Mark Syz has left the Geneva-based financial conglomerate Syz Group, owned by his father Eric, along with his business partner Richard Byworth. This decision followed disputes regarding the plan to integrate the cryptocurrency firm Future Holdings AG into Syz Capital's alternative assets division.
In an interview, Syz Jr. shared his perspective on the situation. His relationship with his father soured after the bank revoked permission to include Future Holdings in Syz Capital due to warnings from the board about significant risks. Mark and Byworth also stepped down from the board of the crypto firm.
Syz Jr. is now working on a dual listing for Future Holdings in Sweden and Switzerland in partnership with Stifel Financial Corp. According to the banker, the project aims to become the largest Bitcoin platform in Europe, with plans to accumulate 3,500 BTC.
Additionally, Mark and Byworth intend to establish a separate independent asset management organization to compete with Syz Capital, focusing on alternative strategies.
Eric Syz and Syz Group declined to comment in detail, only confirming the departure of the Syz Capital executives. The bank stated that "alternative investments remain one of our core areas of focus."
Syz Capital was founded in 2018 under Mark Syz's leadership. At the time of his departure, the firm's assets under management had grown to approximately 2 billion Swiss francs ($2.5 billion). The parent company, Syz Group, established in 1996, has around $32 billion in assets.
It is worth noting that in 2025, analysts at River reported a record increase in Bitcoin adoption by institutional banks, public companies, and governments.