Flynt, a digital wealth manager planned by Leonteq co-founder Jan Schoch, is in tatters. The firm said it will sell its prize asset, as top management and most of its board depart.
In a shock move, the Zug-based firm said it will sell down «Worth,» which is the first module in what is planned to be a digital hub for wealth management.
«Flynt has decided to sell its 'Worth' ecosystem to a group of Swiss firms which are already clients of our firm against a considerable financial injection by year-end,» Flynt said in a statement.
At the same time, the firm said Chief Executive Stijn Vander Straeten will leave after less than one year. Four board members – former Swiss Re chairman Peter Forstmoser, Daniel Halter, Elgar Fleisch and Tze Hoe Chan – are also stepping down.
Eight Weeks of Capital
The moves are a stunning admission of overreach from the digital wealth manager, which began as a side project for former Leonteq CEO Jan Schoch. The firm faced months-long delays in securing a bank license, as finews.com reported. Schoch himself left Leonteq last month acrimoniously, sold down his stake, and later severed his last ties as a consultant to the firm he co-founded ten years ago.
Flynt said it is adequately capitalized until year-end, which is less than eight weeks. The firm now has one board member: Jasmin Schmuki, who runs Schoch's family office. Flynt said it would disclose more changes in its capital structure, strategy and governance in due time.
