Meet the Team
Ruth Schönleber
Member of the Board, Partner

Ruth Schönleber
Member of the Board, Partner
Ruth Schönleber brings over 30 years of expertise in digital transformation, marketing, and corporate management. As a founding partner and board member of innovative companies like Averdas AG, Invenum GmbH, and ALPORA AG, she develops forward-looking strategies in marketing, sales, and operations. Her career includes leadership roles at Hewlett-Packard and BMC Software, where she excelled in sales, strategic partnerships, and customer management. She has also served as a board member in the tourism sector. With a degree in Business Informatics (FH) and fluency in English, Ruth is a highly regarded consultant and leader in digital business models, innovation management, and strategic planning. An avid sailor and skier, she enjoys spending time with her ambitious hunting dog.
Prof. Dr. Leo Brecht
Member of the Board, Partner

Prof. Dr. Leo Brecht
Member of the Board, Partner
Prof. Dr. Leo Brecht is a mathematician and economist with a PhD in mathematical statistics and a professorship in innovation and technology management at the University of Liechtenstein. With over 20 years of experience in management consulting and applied research, and more than 10 years in investment management, he is a leading expert in the fields of innovation, technology and product management. Leo Brecht has supported more than 100 projects for SMEs and multinational companies in various industries, from strategic consulting to technology assessments. He is also the founder of ALPORA, where he and his team have developed innovative investment products that have led to over €700 million in assets under management. Over the last ten years, he has given more than 1,000 investor presentations. He was a partner at Andersen and Arthur D. Little, the author of several books and a conference speaker. As an active investor and serial entrepreneur, he is particularly involved in the FINTECH, SUSTTECH and EDUTECH sectors. In his free time, Leo Brecht is a passionate regatta sailor and skier and enjoys spending time with his family.
Markus Breuer
Member of the Board

Markus Breuer
Member of the Board
Markus Breuer lives and works in Zug and the surrounding area. With his many years of experience as a board member, he passionately supports companies in the fields of strategic and business management. He is currently pursuing a CAS Board of Directors program at the Lucerne University of Applied Sciences and Arts (HSLU). Privately, Markus is married and the father of two adult children. Markus is passionate about cooking and enjoys good wine in the company of friends and family.
Ramon Hörler
Partner

Ramon Hörler
Partner
Ramon Hörler brings a robust background in sustainable finance and portfolio management, grounded in both academic research and industry practice. As a Research Assistant and PhD candidate at the Chair of Sustainable Finance & Investments at the University of Liechtenstein, he examines the impact of sustainable regulations and disclosure requirements on financial markets. Previously, he worked for an independent asset manager—first as a Portfolio Management Intern and then as a Junior Portfolio Manager—where he produced fund factsheets, portfolio reports, and Investment Committee materials, maintained due-diligence files, and conducted AML transaction controls. Earlier in his career, he served as an Investment Advisor at a Swiss cantonal bank, leading customer acquisition, product-development projects, and investment-tool operations. He holds an MSc in Finance and a BSc in Business Administration and applies a structured, data-informed approach to analysis. Proficient in MS Office and R, he combines quantitative rigor with a keen understanding of regulatory reporting and risk-control processes. Outside of finance, Ramon competed as a professional handball player in Switzerland’s Nationalliga A for eight years, where he honed teamwork, strategic thinking, and resilience. He is passionate about skiing and road cycling, relishing both the technical demands of steep alpine terrain and the endurance challenges of long-distance rides.
Dr. Djordje Zivkovic
Partner

Dr. Djordje Zivkovic
Partner
Dr. Djordje Zivkovic brings a robust background in strategy and finance, grounded in academic excellence and practical consulting experience. As a postdoctoral researcher at leading institutions such as the University of St. Gallen and the University of Liechtenstein, he applies analytical thinking and strategic foresight to the evolving intersection of strategy, innovation, and finance – among other areas, in the context of factor-based investing and modern asset management. His professional experience includes strategic consulting and financial advisory, where he leveraged financial analysis to support the development of data-informed strategies and decision-making approaches for corporate clients. He holds a doctorate (summa cum laude) in Business Economics and a Master of Arts in Accounting and Finance. Recognized for his academic achievements and data-driven approach, he has been awarded for outstanding research receiving the Best Dissertation Award from the Government of Liechtenstein and being selected to participate in the prestigious Lindau Nobel Laureate Meeting in Economic Sciences. As a passionate chess player and multiple-time Munich youth champion, he also enjoys football and tennis- balancing intellectual rigor with athletic discipline.
Advisory Board
Prof. Dr. Kirill Welz
Member of the Advisory Board

Prof. Dr. Roland Eckert
Member of the Adviory Board

Mirko Petonciano
Member of the Adviory Board

Max Wensing
Member of the Adviory Board

Dr. Petar Pelemis
Member of the Advisory Board

Pascal Tschuetscher
Member of the Advisory Board

Averdas Mission & Vision |
Innovative Insights for Financial Decision Makers
Averdas develops quantitative research and investment solutions across factors, funds, valuation, and ventures.
More About Averdas
01
Our Mission
Our mission is to make productivity-related investment themes measurable and understandable. We combine alternative data, quantitative models, and investment research to help institutional investors assess structural efficiency, operational capability, and resilience in companies and markets.
02
Our Vision
Our vision is to establish productivity as a clearly defined and researchable investment theme. We aim to contribute to a more transparent understanding of structural change, innovation, and capital allocation through rigorous research and systematic investment frameworks.
03
Strategic Methodology
Averdas combines alternative data, quantitative methods and structured research processes to study productivity-related characteristics of companies and markets. Depending on the product or research question, the analysis may include operational, financial, technological and resource-related information. The methodology, data sources and limitations are defined in the relevant product or research documentation.
04
Commitment to Excellence
We are committed to rigorous research, transparent methods, and high-quality communication. Where we work with academic or research partners, the relevant collaboration, methodology, and publication status should be described accurately and with appropriate attribution. Our objective is to develop research and investment solutions that are clearly documented, testable, and relevant for institutional decision-making.
Contact Averdas
Growth Story
Explore key milestones in the development of Averdas, from innovation research and investment products to the current focus on productivity, quantitative research, and institutional solutions.

2010
Development of Innovation Factor
2014
Launch of ALPORA Innovation Fund
2016
Launch ALPORA Global Innovation Fund & 50 Mio AuM
2017
Varous Mandates based on Innovation factor
2025
First Averdas products launched
2023
Start Development of Seriec of Producitivty Factors
2021
700 Mio AuM & Sale of Comany ALPORA
2019

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