What had been taking shape since the spring has now been finalized. Derivatives specialist Leonteq, which recently surprised with strong half-year results, has completed the reshuffling of its shareholder base, the company announced in an ad hoc statement after the market closed on Monday.

Raiffeisen Switzerland sold its 22,7 percent stake to H21 Macro Limited and four private investors.

At the center of the transaction is hedge fund pioneer and billionaire Rainer-Marc Frey. Through H21 Macro Limited, he now indirectly holds 4,313,340 shares, equivalent to 23,3 percent of the outstanding shares. This makes him the largest individual shareholder in the structured products boutique.

From Core Shareholder to Major Shareholder

The reshuffling was initiated by a shareholder group around Frey, which at one point had accumulated a 30,1 percent stake. Following the successful completion of the transaction, the group was dissolved.

For Raiffeisen, the sale does not represent a complete exit. The cooperative bank continues to hold 1,294,996 shares, giving it a stake of 7,0 percent. The cooperation between the two companies in the structured products business will remain in place.

It remains unclear how the new shareholder structure will affect Leonteq's strategy. An extraordinary general meeting is likely to provide some initial answers. The meeting will be held virtually on September 21, 2026. Leonteq plans to publish the invitation and agenda shortly.