Bellevue Group strengthens its platform for future growth
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ - Slightly positive Group result despite low trading turnover- Investments to launch new specialized fund products (SICAV) andexpand the workforce- Slight profit from both Bank am Bellevue and Bellevue AssetManagementUndeterred by the ongoing difficult environment, Bellevue Group hasforged ahead with its communicated strategy in Asset Management andis making significant anti-cyclical investments in its humanresources, corporate infrastructure and product portfolio. Financialmarkets are stagnating at low levels and trading turnover remainssubdued. Bellevue Group was nevertheless able to close the first halfslightly positive.After the exceptional difficulties of 2008 and the turmoil in theearly months of this year, markets are still edgy. The reluctance ofinvestors to put money into promising new investments is one sign ofthis.Bellevue Group generated a group net profit of CHF 1.6 million in thefirst half of 2009 closing June 30 (previous year CHF 23.1 million,-93.1%). Bank am Bellevue generated a net profit ofCHF 6.1 million (previous year CHF 20.5 million) in this adverseenvironment. Bellevue Asset Management achieved a slightly positiveresult of CHF 0.3 million (previous year CHF 1.1 million). Thecost/income ratio rose to 82.7% as a result of the initialexpenditure related to our growth strategy (previous year: 42.3%).Shareholders' equity of Bellevue Group as at June 30, 2009 remainedat a very high level of CHF 415.4 million (CHF 454.6 million at theend of 2008) and total consolidated assets amounted to CHF 795.1million (CHF 983.3 million at the end of 2008).Bank am BellevueBank am Bellevue generated total operating income of CHF 18.5 millionin the first half of 2009 (previous year CHF 37.6 million, -50.8%).Fee and commission income, consisting of brokerage commissions andcorporate finance fees, declined to CHF 15.0 million (previous yearCHF 32.9 million, -54.4%) because of the generally very low tradingvolumes on the Swiss stock market. Operating expenses amounted to CHF10.7 million, a slight reduction from the prior-year level (CHF 11.3million, -5.3%). Personnel expenses declined to CHF 5.8 million(previous year CHF 6.5 million) while other operating expensesincreased slightly to CHF 4.7 million (CHF 4.3 million).Bellevue Asset ManagementBellevue Asset Management earned CHF 9.8 million in operating income(CHF 8.3 million inthe previous year, +18.1%). Fee and commission income amounted to CHF7.8 million (previous year CHF 8.6 million, -9.3%) and consistedexclusively of management fees. The absence of performance fees is aconsequence of the general developments on stock markets. Otherincome of CHF 1.9 million (previous year CHF -2.1 million) is mainlyattributable to the increasing value of our seed capital investments.Bellevue Asset Management's operating expenses of CHF 9.2 million arehigher than in the previous year (CHF 6.5 million, +41.5%) due to thesteps taken to expand this segment.Assets under managementAssets under management at Bellevue Group as of June 30, 2009amounted to CHF 5,575 million (CHF 5,534 million at year-end, +0.7%),consisting of discretionary assets of CHF 2,851 million (year-end2008 CHF 2,627 million, +8.5%) and non-discretionary assets of CHF2,724 million (year-end 2008 CHF 2,907 million, -6.3%). Net new moneyamounted to CHF 95 million, a welcome change of trend from theprevious reporting periods.BB MEDTECHOn July 7, 2009 a friendly share exchange offer was issued to theshareholders of BB MEDTECH AG that would convert the listedinvestment company into an investment fund under Luxembourg law. Theoffer has been well received by shareholders. The primary objectiveof this legal conversion is to give shareholders a highly liquidinvestment vehicle that is valued daily based on net asset value. Theproposed new product structure also allows the company to target newcustomer segments and broaden its distribution across the Europeancontinent. No changes will be made concerning the investment strategyand the investment manager. With the BB Medtech (LUX) Fund, BellevueAsset Management is launching a transparent and highly liquidinvestment vehicle that invests in listed companies worldwide activein the fast growing medical technology market.Basis for future growthBellevue Asset Management's development into a highly specializedfinancial boutique exclusively focused on actively managing equityinvestments in specific sectors and niche themes is beingsuccessfully executed. Acting on the growth strategy announced lastyear of attracting additional assets under management with new,theme-specific fund products, the range of products offered has beenexpanded with equity-based fund products in the areas of "Healthcare"and "New Markets". The Bellevue Group established its ownLuxembourg-based SICAV at the end of March and has since registeredseveral fund products that have already been approved fordistribution in Switzerland, Germany and Austria. The range of equityfunds currently comprises BB Biotech, BB Entrepreneur Europe, and BBSelection. Additional funds about to be launched are BB AfricanOpportunities, BB Silk Road Opportunities and BB Medtech. Experiencedspecialists in both portfolio management and sales & marketing havebeen recruited to ensure their long-term success. The new productsmade a strong debut in terms of performance and investor acceptance.More investment vehicles will be launched in the second halfof the year and the existing products will be introduced in morecountries.Entrepreneurial confidenceThe Bellevue Group has made targeted investments in new talent overthe past two years and selectively built up its workforce. Atmid-year 2007 it employed a workforce of 69.4 (expressed as full-timeequivalents); as of mid-year 2009 this number had grown to 102.0(+47%). This growth strategy reflects the company's confidence in itsinherent strengths and future prospects as well as in itsentrepreneurial spirit. A sound basis for future growth has been laidwith the current structures and new products. With theseanti-cyclical steps new sources of potential income are being createdthat should be delivering the desired results in roughly one to twoyears - provided the business environment develops positively.A full copy of the financial report is available at www.bellevue.ch.For further information:Bellevue Group AG, Seestrasse 16, 8700 KüsnachtAnja Stubenrauch, Investor Relations, Tel. +41 (44) 267 67 06,as(at)bellevue.chDaniel Koller, CFO, Tel. +41 (44) 267 72 51, dak(at)bellevue.chBellevue GroupThe Bellevue Group is an independent Swiss financial group domiciledin Küsnacht. The parent company Bellevue Group AG is listed on theSIX Swiss Exchange.Bank am Bellevue is a provider of research and brokerage services inSwiss equities and selected international stocks as well as corporatefinance services.Bellevue Asset Management manages specialized equity investmentvehicles focused on selected sector and regional strategies andprovides selected institutional asset management services.http://hugin.info/137269/R/1330700/314637.pdfhttp://hugin.info/137269/R/1330700/314656.pdf --- End of Message ---Bellevue Group AGSeestrasse 16, Postfach Küsnacht/Zürich SwitzerlandWKN: A0LG3Z; ISIN: CH0028422100; Index: SPI, SPIEX, SSCI;;
Datum: 24.07.2009 - 07:00 Uhr
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