Nectar Financial is splitting in two, which each of the co-founders taking a piece of the newly-divided Swiss fintech.
Nectar Financial is renaming itself Etops as part of a management buyout of the Pfaeffikon-based fintech by co-founder Pius Stucki, the company said in a statement on Tuesday. Financial details of the transaction weren't disclosed.
Etops will focus on outsourcing solutions and technology projects to aggregate and process wealth data from different custodian institutions. The heart of the 36-person firm is an outsourcing center in Slovakia, bought fromHorizon21, a vehicle controlled by Rainer-Marc Frey. Stucki and his co-founder Michael Appenzeller had rebranded the unit into Etops after Frey elected to shift Horizon21 into a pure family office.
Technology Focus
This firm abandoned the Etops name in 2016 in favor of Nectar under Appenzeller as CEO. Nectar expanded into technology-driven investment products in recent years, as finews.com reported, and also attracted a host of new investors including Partners Group co-founder Urs Wietlisbach and private bank Julius Baer.
In future, Appenzeller will run the digital arm of the split firm as Nectar Digital Wealth, from Zurich. Stucki and Appenzell also co-founded Fundbase, a database for alternative investments. Fundbase is being merged into Nectar.
