N+1’s financial asset management business encompasses the discretionary management and advisory of SICAVs and portfolios, the management of investment funds and funds of funds and the management of hedge funds and hedge fund portfolios.

Since 2009 N+1 develops this activity in association with financial group SYZ & CO. This alliance, which materialised in November with the Swiss entity taking a 50% ownership interest in the Group’s collective investment institution manager (whose name has since been changed to N+1 SYZ Gestión), responds to the strategic ambition of increasing the level of specialisation and expertise provided, strategies that are more relevant than ever in the current market environment

SYZ & CO is an independent Swiss financial group devoted to financial management with more than CHF 20,000 million assets under management. Founded in 1996 by Eric Syz, Alfredo Piacentini and Paolo Luban, the company has offices in Switzerland, Austria, Luxembourg, Italy, the UK, and China, employing over 370 professionals.

In 2010 our alliance with SYZ & CO was extended to the realm of private banking. In private banking we have allied* with our Swiss partners, on the one hand, and a group of highly experienced sector professionals, on the other, to launcha platform for the distribution of financial products and services.

With wealth management offices initially slated for Madrid and Bilbao, the project is getting underway with more than €400mn of assets under management and/or advisory.

According to the provisions set forth by article 153 of the Circular 12/2008 in effect on the 30th December, of Comisión Nacional del Mercado de Valores, about solvency of the investment firms and their groups (modified by Circular 5/2009 in effect on the 25th November), we inform that Solvency Report for N+1 Group for the year end 2009 is currently at the public disposal at the offices located in Madrid, Padilla St, number 17, 4th floor.

(*) As of 30 June 2010, the effectiveness of the alliance is pending non-opposition by the Spanish securities market regulator, the CNMV.