The Derivate Boutique Maverix Securities – formerly CAT Financial Products - closed the 2024 financial year with a 37 percent increase in revenue, as shown in the annual report for 2024 published on Friday. Despite another loss, the Finma-regulated securities firm is focusing on growth, economies of scale and digital innovation.

Mr Schmid, Maverix Securities increased its income by 37 percent to CHF 14.3 million in the past financial year. What factors were decisive for this? What proportion is attributable to the crypto boom, which you bet on early on?

For us, 2024 was the year in which we laid the foundations for Maverix as a fully comprehensive securities firm - with a clear focus on operational substance and efficiency. The pleasing earnings performance is primarily the result of targeted investments: in the expansion of our platform, the development of new partnerships and our specialization in innovative and differentiating products. For us, innovation means creating new structures and investment solutions - both in the traditional area and in digital assets.

«When you build a platform with regulatory depth and an international focus, it requires consistent investment.»

Crypto was an important part of this, but by no means the sole driver. With solutions such as the Staking+ ETP - the world's first exchange-traded product on digital assets with regular distributions - we were able to set the tone early on. However, the breadth and scalability of our offering, including in the traditional segment, was crucial to our growth. In short, our success in 2024 is not based on short-term hype, but on a clear strategy, substance, customer focus, teamwork and the courage to go our own way.

At the same time, expenditure has risen by 12 percent. You write that the business was profitable in 4 out of 12 months. Nevertheless, the bottom line was a loss of 3.88 million francs (previous year: 5.12 million). That doesn't sound like you've firmly reached breakeven yet?

When you build something new - especially a platform with regulatory depth and an international focus - it requires consistent investment. This was part of our plan right from the start. With this in mind, we are very satisfied with the development: We are on target, both in terms of operational scaling and cost discipline. We laid key foundations in 2024, and the first quarter of 2025 clearly confirms this course: we were able to further increase the level of earnings and thus consolidate our profitability. Our aim has never been to report short-term profits at the expense of substance. Instead, we want to achieve sustainable and scalable growth. Today, we have a platform that enables further international growth efficiently - with a clear perspective of sustainable profitability from the coming financial year.

Maverix Securities besteht seit 2008 unter dem Namen CAT Financial Products. 2021 kamen Sie als Partner dazu. 2023 folgte die Lizenz als Wertpapierhaus, 2024 der neue Name. Welche mittelfristigen Ambitionen verfolgen Sie?

Our vision is to democratize the asset management business through the use of AMCs. This means making the best investment strategies across all asset classes - traditional investments, alternative investments and digital assets - available to investors as cost-effectively, simply and efficiently as possible. In doing so, we consistently rely on state-of-the-art technologies to further increase the scalability of our platform and continuously optimize production costs.

«France is the next logical step for us in our European growth strategy.»

As a neutral and independent securities firm, we believe we are ideally positioned. In the medium term, we also see ourselves as a strong cooperation partner for banks - especially for those that are unable or unwilling to develop their own product solutions. There are great opportunities here, particularly in the area of white labeling. We are also steadily advancing our international growth - both through strategic partnerships, such as with SBI Digital Markets in Singapore, and by expanding our own presence abroad.

What does the shareholder structure look like today?

Our shareholder structure is based on a stable ownership base. This includes operating partners, long-standing family office investors as well as employees, members of the Board of Directors and other external investors.

How would you describe the company's purpose today?

We are an independent, agile and fast-growing financial company with currently 60 employees. Many of them bring extensive experience in the financial sector. Innovation through technology is a central part of our DNA - and this is exactly what our mission reflects: Always ahead. We live this attitude through innovative products, modern technologies and a deep understanding of investors' needs. As a fully regulated Swiss securities firm, we create sustainable added value - specifically where we recognize future growth potential.

«In the medium term, we expect around half of our turnover to come from own issues.»

With our ETP offering, for example, we are deliberately targeting the growing group of self-guided investors in Switzerland who make their investment decisions independently via online banks and brokers. At the same time, we are convinced that digital assets will remain in demand in the long term. However, many investors want access via their existing bank account. We see ourselves as a bridge between the traditional financial system and new digital opportunities, thereby making an active contribution to the further development of Switzerland as a financial center.

Where do you want to be in terms of turnover and profit in 2025 and 2026?

For 2025, we expect sales growth in the range of 25 to 30 percent, which is in line with the development of the last two years. In the first quarter of 2025, we were even able to achieve an increase in turnover of 44 percent compared to the previous year. This trend of rising income is therefore continuing.

Meanwhile, 2025 will be a year of targeted investments for us: We are continuing to strategically expand our business in order to realize operational economies of scale and strengthen our market position. From 2026, we expect our business to be sustainably profitable and want to continue to drive our growth on a stable earnings basis.

In addition to its traditional brokerage business, Maverix has also been operating as an issuer for around two years. What proportion of turnover and profit is attributable to these two pillars?

We currently generate around 30 percent of our turnover from own issues, while the brokerage business contributes around 70 percent. However, we are seeing increasing momentum in own issues and expect this area to grow faster than traditional brokerage in the future. In the medium term, we expect around half of our turnover to come from own issues.

Total assets rose from CHF 560 million to CHF 700 million, in particular due to a doubling of assets under management. What is the difference to assets under administration, and how do you explain the strong momentum?

Assets under administration (AuA) include products launched by third-party banks or foreign issuing vehicles. The volume here remained largely stable compared to the previous year. Assets under management (AuM), on the other hand, relate to products for which Maverix itself acts as the issuer or plays a central role in structuring and administration. These AuM more than doubled from CHF 119 million to CHF 260 million - a strong indication of the demand for our own solutions.

In 2024, you implemented over 200 own issues with seven payoff structures. Which product classes are doing particularly well, where are there hurdles?

We see growth across all our payoff structures. However, our clear focus is on AMCs and ETPs. Products in the digital assets space are currently evolving with particular momentum, and we are seeing a sharp increase in demand. Overall, our issuances are gaining broad acceptance in the market.

Last year, you launched an automated AMC platform for digital assets. What exactly does it do, and how did the launch go?

The launch of our automated AMC platform for digital assets was a milestone - both technologically and economically. Assets under management in this area increased by 250 percent to CHF 50 million in 2024. Even though the base is still relatively small, we see this development as an important success. For the first time, we have achieved an annual trading volume of over CHF 100 million in crypto assets - a clear signal of the growing demand for regulated, structured crypto products.

«Switzerland enjoys an excellent reputation worldwide as a location for structured products - and rightly so.»

Our setup is unique in Switzerland: the crypto assets are securitized via AMCs from Maverix, are fully collateralized by pledge agreements and are held in custody at two regulated Swiss banks and securities dealers. Our success is also based on the Swiss DLT Act, which provides a clear legal framework for the issuance, custody and trading of digital assets - a locational advantage that we consistently exploit.

There has been turbulence on the markets since the US presidential election. Is that a good environment for Maverix? How has 2025 started for you?

The market environment has changed noticeably since the US elections. For us as structuring specialists, this phase has been intense and dynamic. The increased volatility on the global equity market has driven greater demand for hedging among many clients. Meanwhile, more investors are capitalizing on attractive coupon levels – for instance, by writing put options through barrier reverse convertibles.

We are also observing a shift from riskier investments to more defensive positions such as gold, defensive equities, bonds and cash. As a result of these developments, our trading activities in the AMCs during this turbulent phase were around 50 percent above the annual average.

You have been cooperating with SBIDM in Singapore for over a year now. What results have you seen?

Under the license of SBI Digital Markets, we were able to hire three sales representatives in Singapore who currently serve over 50 institutional clients across Asia—a major milestone in our international expansion. We have now successfully launched our first AMCs not only in Singapore but also in Thailand.

«The market environment has shifted noticeably since the U.S. elections.»

Our pipeline continues to grow steadily, which is a clear sign of strong regional interest in our solutions. In parallel, we’ve developed our own pricing and life-cycle management platform for structured products with an Asia focus, through which we now distribute products on a daily basis. We are very satisfied with our partnership with SBIDM. The next step is to strategically expand our crypto offering for the Asian market—an area where we see significant potential.

You also plan to expand into France. Why there specifically?

France is the next logical step in our European growth strategy. With our Geneva office, we already maintain a strong presence in French-speaking Switzerland, and Paris is a natural extension. France offers several strategic advantages: it is a large market with steady demand for structured products, and it provides access to the EU single market—specifically the MiFID area—allowing us to scale our distribution activities efficiently across other European countries. Moreover, the country boasts an excellent talent pool, with top universities, experienced brokerage firms, and well-established issuers, making it particularly attractive.

What makes Switzerland such an attractive global hub for derivatives? And where do you see Maverix positioned in this ecosystem over the long term?

Switzerland has earned an excellent international reputation as a hub for structured products—and deservedly so. Political and economic stability, a reliable legal system, and regulatory clarity create ideal conditions. The combination of innovation, legal certainty, and global connectivity is unique. Switzerland also offers decades of experience in the derivatives space, both on the issuer and distribution sides. Within this ecosystem, we aim to position Maverix as a leading independent provider of bespoke structuring solutions, with a clear specialization in modern investment formats such as AMCs and digital assets.

David Schmid is Co-CEO, Partner, and Head Markets at Maverix Securities. He oversees trading and the structuring of financial products and is responsible for the group’s leadership and strategy. Prior to this, he spent 13 years at Leonteq (formerly EFG Financial Products), including as CEO Asia, where he led the buildout and expansion of Leonteq’s business across the APAC region. He holds a degree in Banking & Finance from the University of Zurich.