The majority shareholders and founders of the former Fundamenta Group, David and Javier Garcia, have now also sold their majority stakes in the asset manager Belvédère Asset Management.

The sale of Fundamenta, including naming rights, to the real estate group Swiss Prime Site (SPS) was completed in April.

As of June 1, the shares in Belvédère have been sold to the former owners, the Marxer family, as David Garcia announced in an email on Thursday.

Remaining Shareholders Not Affected

The Lucerne Cantonal Bank, which holds a 26,8 percent stake in the asset manager based in Glarus, along with other minority shareholders, will retain their shares unchanged. The board of directors will be newly constituted, with Martin Scholl and David Garcia having already resigned, as further stated.

The transaction was fully paid in cash. No further financial details were disclosed. The assets under management at Belvédère amount to around 3 billion Swiss francs, according to the information provided.

«Ideal Solution for Employees and Clients»

«After the sale of the real estate business to Swiss Prime Site, the sale of the majority shares in Belvédère to the former owners is an ideal solution for employees and clients,» wrote David Garcia in the announcement. «My brother and I are now dedicating ourselves to new investments and entrepreneurial tasks through our two family offices. We thank all employees, managers, partners, and companions of the last 18 years for their trust and extremely successful cooperation!»

David Garcia also announced the sale of Belvédère on the career network LinkedIn.

According to its own statements, SPS became the largest independent real estate asset manager in Switzerland with the purchase of the real estate division of Fundamenta. The managed assets are estimated at around 13 billion Swiss francs. With the deal, the Lucerne Cantonal Bank and the Garcia and Marxer families also became SPS shareholders.