Swiss financial technology firm Leonteq has terminated a co-operation agreement with DBS and two other firms, Avaloq and Numerix, to develop and implement an integrated multi-issuer investment products distribution system.
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"The companies have stopped co-operating with each other due to diverging interests regarding business models and exclusivity discussions," Leonteq said in a statement.
The termination of the relationship will have a non-material impact on Leonteq’s results.
Additionally, Leonteq has ended the co-operation with DBS on the distribution of equity-linked structured investment products.
Leonteq added that DBS contributed to some 6% to its turnover in 2015.
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By GlobalDataThe company will also continue to implement buy-side automation initiatives on its own and with partners such as Avaloq.
