Leonteq Heads to Asia

«Raiffeisen could envisage selling about 9 percent of Leonteq shares to a strategic partner who would support the further development and the well-being of Leonteq, and that there were no intentions to sell any further shares.»

Bulky Derivatives Portfolio

The Swiss bank, mainly a domestic mortgage lender, plans to «continue expanding the structured product portfolio, which had grown to an outstanding value of 4.5 billion Swiss francs over a short period,» Amato said.

The comments illustrate that Raiffeisen, which has a spotty record as a strategic investor, has hitched its fortunes to Leonteq. The bank is a retail, mortgage, and small business lender, and desperate to put its fund to use.

Gisel and Raiffeisen's backing represents a sign of the much-needed stability and consistency for Leonteq that British-Swiss banker Chambers (pictured below) refers to. Amato calmed the waters further, saying Leonteq is on a solid track operationally and financially, and expects a successful fourth quarter. 

The last remaining uncertainty? Chambers has to find a new, permanent CEO. Amato has shown leadership in his missive, and the fact that he will visit Asia shortly with Meier, the Julius Baer veteran, backs his standing. But the accountant and former auditor is probably not in line for the job.

Chambers listed a series of qualities he is looking for from a new CEO in his comments «Finanz und Wirtschaft» – with no mention of Amato. «The benchmark is pretty high,» he merely said.