The "Syndicate" is hardly what I call a grp. More like a term ppl gave to peeps with enough money and political power. As long you got enough gils, like the mining family, or influence like Raubahn, you are considered a member of the "Syndicate". If the Syndicate is actually a Grp, Ul'dah probably been taken over by them hundreds or years ago.

Remember the story of a Sultan been poisoned? <-- Gla Storyline.

Why the Sultana family still holds the title is because there are ppl with Power and Influence still supporting her family. The "Syndicate" have ppl supporting the Royal household for their own reasons and the Monetarists whom seek to undermine for their own reasons.

Remember this Ul'dah is a no hold barred city state. As long you have money, you are king. And active "Syndicate members" do try and undermine more members from to joining the club.