Troubled Swiss derivatives firm Leonteq is in the spotlight again with the departure of two senior managers in Singapore and Hong Kong – and is coming up short with digital and fintech executives in Asia.
Frank Troise, Managing Director of Digital Distribution & Communications (Asia) and Harry (Hrvoje) Krkalo, Executive Director and CEO of Hong Kong, have resigned from the company, finews.asia has learned. A spokesperson in Zurich confirmed the information to finews.asia.
Singapore-based Troise is a renowned market strategist in Asia and a fintech thought leader. At the Swiss derivatives firm, he was responsible for all digital and fintech initiatives in Asia.
A Challenging Year
In addition to the management of Leonteq's Hong Kong office, Krkalo led sales and digital distribution for Hong Kong. An industry veteran and structured products specialist, his exit does not abate any of the concerns regarding Leonteq's rumored exit from Asia. Despite this, a spokesman in Zurich denied any intentions to abandon the region.
Calls to Troise went unanswered, but in an email reply he stated: «2016 was a challenging year for Leonteq, and I wish them all the best.»
No Tangible Output
With Troise and Krkalo's resignations, Leonteq falls short with digital and fintech executives in Asia. Furthermore, there has been little tangible output, innovation or otherwise based on Leonteq's Teqlab cooperation with Singapore's Economic Development Board (EDB), which the firm announced to great fanfare in early 2016.
The Leonteq spokesperson confirmed that the cooperation with the EDB is ongoing, but «at a slower pace» than originally planned.
Pricey Offices
Leonteq's growth story and subsequent valuation were grounded on a fintech story to investors which has since been debunked by the firm. Now, with additional senior management resignatons, and a decelerated digital and fintech growth story for investors, it would seem that the company is becoming a small Swiss brokerage firm stuck with some very expensive office real estate.
