Portofino Technologies, a Switzerland-based crypto market making firm that received approval from the Financial Conduct Authority (FCA) earlier this year to serve institutional crypto clients in the U.K., has experienced a significant staff turnover in recent months. This was sparked by the dismissal of the company’s co-founder and CFO.
The departure of Portofino’s chief operating officer and co-founder, Alex Casimo, and CFO, Jae Park, in July led to the resignation of Vincent Prieur, head of strategy and operations, and Shane O’Callaghan, global head of business development, as well as a number of other employees. Approximately 10 to 12 people have either left or are in the process of leaving, accounting for around 30%-40% of the firm’s workforce at that time.
In response to these changes, Mark Blackborough has been appointed as the new CFO, and Olivier Sultan has joined as a senior sales trader. The company has also been actively recruiting to fill four open positions, bringing the headcount back to summer levels.
Despite raising $50 million in equity funding in late 2022, Portofino has faced challenges related to leadership changes and staff departures. The company was founded by former Citadel Securities leaders Leonard Lancia and Alex Casimo in 2021.
Glassdoor reviews have highlighted criticisms of CEO Lancia, citing concerns about a “toxic work environment” and questioning his decision-making. One review specifically mentioned that the CEO’s actions seem to benefit himself rather than the business.
Looking ahead, Portofino Technologies is focused on strengthening its leadership team to capitalize on the projected growth in the crypto market. With new hires in key positions and ongoing recruitment efforts, the company aims to navigate through this period of transition and continue its operations successfully.
