The troubled derivatives boutique's stand-in boss is headed to Asia to marshal the troops and soothe clients. His trump card is a long-time Julius Baer Asia banker, finews.asia can report.
Zurich-based Leonteq has rarely been out of the headlines in recent months: The derivatives firm's calamitous year culminated in co-founder and CEO Jan Schoch's acrimonious exit last month.
Schoch dumped his stock shortly after, sparking a shuffle among notable shareholders, which include Swiss cooperative bank Raiffeisen. Leonteq's temporary leadership moved to calm concerns over the turmoil, in a memorandum seen by finews.asia.
Acting CEO Marco Amato (pictured above) told employees that he and newly-installed board member Thomas Meier (pictured below in a file photo) will visit Asia next week, as well as address employee concerns directly in coming weeks.
Meier is a well-known name in Asia, having built Julius Baer's business in the region from 2005 (he left recently, as finews.asia reported). The Swiss bank now considers Asia its «second home market,» in large part thanks to the supremely well-connected Meier.
Big Investors Digs In
Meanwhile, newly-installed chairman Christopher Chambers told Swiss newspaper «Finanz und Wirtschaft» (in German, behind paywall) that Leonteq needs strong strategic leadership, stability, and hard work.
Amato, who is acting as CEO in addition to his day job as finance chief, also revealed what Raiffeisen's plans are for its 26.5 percent stake in the derivatives firm. Raiffeisen boss Patrick Gisel (pictured below) said Leonteq forms a key part of the bank's strategy.
Confusion over Raiffeisen's plans have reigned since both bank representatives – Gisel as well as his predecessor, Pierin Vincenz – left Leonteq's board. The simultanous exit had been interpreted by some as a sign that Raiffeisen is about to dump its shareholder.
Instead, Raiffeisen has renewed its vows with Leonteq, Amato said. The bank would welcome another heavyweight shareholder.
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