Published by Finews.asia – 23rd Nov 2017
The Swiss derivatives boutique has moved on by replacing the embattled Swiss banker at its helm. An Asia veteran has also been enlisted to help right the troubled firm.
Leonteq’s shareholders voted overwhelmingly: 99 percent supported Christopher Chambers as the firm’s new chairman.
The ex-Credit Suisse banker replaces Pierin Vincenz, a respected Swiss banker whose legacy is under fire amid a fitness and probity investigation by Switzerland’s financial regulator.
Chambers, who formerly led British hedge fund firm Man Group, ascends to the role just as Leonteq shows signs of turning the corner. His arrival comes shortly after co-founder Jan Schoch severed ties with Leonteq, in acrimony.
Mining Asia Network
Leonteq’s shareholders also voted Paulo Bruegger and Thomas Meier to the firm’s board. Bruegger represents Swiss cooperative bank Raiffeisen, which owns 26.5 percent of Leonteq. Meier is Julius Baer’s former head in Asia.
The ex-private banker is meant to lend his substantial Asian expertise and regional connections to Leonteq’s business in the region, which has been losing momentum.
Replacing Schoch is Chamber’s most urgent priority, the 56-year-old incoming chairman said. Schoch’s deputy, finance chief Marco Amato, has led Leonteq temporarily since last month, when Schoch threw in the towel.
