Bellevue reported that its consolidated net profit fell 41 percent last year to 25.2 million Swiss francs while experiencing a decline in assets under management and new money outflows, according to its annual report released Tuesday.

New money outflows were 577.4 million Swiss francs and, combined with negative market developments, resulting in a drop of assets under management to 9.4 billion francs last year from a record 12.8 billion the year before. Still, Bellevue said that in the second half «the asset base was fairly stable overall.»

Income Hit by Lower AuM

Earnings were impacted by the lower average asset base and income from asset management services declined by roughly a quarter to 104 million francs, while unrealized losses of 10 million from market declines hit investments in Bellevue's products.  The result was a decline in operating income of about a third to 95.9 million.

Despite the headwinds, the board of directors will propose a dividend of two francs at Bellevue's annual general meeting on March 21. The dividend is above its pre-pandemic payout level and corresponds to a yield of 5.3 percent based on the closing price of 2022. 

Asia and 

In the coming months, the Group intends to continue investing in products and its own investment expertise, but also in sales. It will strengthen sales teams in its core markets of Switzerland, Germany, and the UK. At the same time, growth opportunities in secondary markets such as Austria, Spain, and Benelux as well as in the Nordic countries of Europe and selected countries in Latin America will be a focus.

The newly established Singapore presence is intended to consolidate support for existing local customers and open up the possibility of further growth in Asia, according to the statement.

Volatile Environment

Bellevue continues to anticipate a highly volatile and challenging market environment and is sticking to its long-term objectives, provided that the markets remain constructive.

Board Changes

As previously announced and reported by finews.com, Barbara Angehrn Pavik will join Bellevue's board of directors, replacing Daniel Sigg who will not stand for re-election at the upcoming AGM.