Markanjio (atys)Ubuntu package installs ryzom under /opt/ryzom with /opt/ryzom/ryzom.sh as launcher script. Launcher pulls/updates ryzom files located in $HOME/.ryzom (note the dot). Client app is under /opt/ryzom/ryzom_client which is distributed and updated by package manager.
I have no idea how Ryzom is packaged for Ubuntu, and therefore, if you have troubles using it, I can recommend you to use rsync instead.
Ryzom ubuntu ppa seems to be ppa:ryzom-isv/ppa. Using client from rsync works, but its 32bit binary.