Lukas Ruflin doesn't take over as CEO of Leonteq  from interim boss Marco Amato until May 1, but already appears to be preparing his first strike.

Leonteq wants to purchase a stake in Zurich-based fintech firm Evolute, a source familiar with the matter told finews.com. The two firms' top executives have already held talks over how to structure the Leonteq stake in Evolute, the person said.

Both Leonteq and Evolute said to finews.com , they would not comment on market rumours.

The two firms know each other well: Ruflin and Evolute founder Michael Hartweg (pictured below) were co-founders or EFG Financial Products, the startup led by Jan Schoch which listed its shares in 2012 and renamed itself Leonteq.

While Ruflin's role was a discreet one on the board, Hartweg was long the dynamic and energetic Schoch's number-two as finance boss and deputy CEO. A former Goldman Sachs banker, Hartweg left Leonteq three years ago, selling his entire stake in the firm a short time later.

Ruflin profitierte von Schochs Ende

Rufllin stayed on board and his influence on Leonteq's activities increased, culminating in the sacking of Schoch last autumn. The 44-year-old Ruflin stood to gain because the exit allowed him to bolster his stake – he is now the largest single shareholder in Leonteq. The move also paved the way for Ruflin, then vice-chairman of Leonteq's board, to become CEO following Schoch's exit.

Ein Vertrauter von Pierin Vincenz

As early as 2016, Ruflin and then Chairman Pierin Vincenz, now remanded in custody pending a criminal investigation at the retail lender he once led, parsed scenarios to boot Schoch from power. The plans were forged as Leonteq slid into crisis following a phase of heady – and expensive – growth.

The German-born Hartweg, by then independently wealthy from selling his Leonteq stock, pursued a second career as an investor and a financier. He founded Evolute just over two years ago, together with software developers Michael Gauckler and Martin Polasek and ex-Credit Suisse banker Kathleen DeRose. He has been chairman of the firm since this year. 

Evolute's Growing Pains

Evolute provides wealth managers with so-called platform services which range from onboarding clients to reporting and portfolio management as well as risk management and compliance. Last year, the firm merged with Swisscomply, which provides regulatory services. The startup now employs more htan 50 people – many of them former Leonteq bankers.

The approach of combining software and expert know-how when needed fits with the current trend of hybrid fintech solutions, but hasn't proven very profitable so far.

Deepening of the «ecosystem»

As a result, Evolute is in need of a cash injection, and its new partner appears to be Leonteq. When Ruflin's appointment as CEO was disclosed in February, he made clear that he wanted to usher in a new phase of growth for Leonteq – until now, the expansion has been focused on Asia.

Asia notwithstanding, Ruflin is apparently planning to deepen Leonteq's «ecosystem». In its go-go boom years, Leonteq referred to itself as a «finteq» firm: its core skill is the automated issue of structured products.