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Business Report Financial Highlights

Financial highlights

Presentation annual results

Here you will find all information on the 2020 annual results.

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Client assets at all-time high – despite unprecedented market turmoil

Client assets at all-time high – despite unprecedented market turmoil

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Source: Bellevue Group, as at 12/31/2020

Assets under management top CHF 12.0 bn, setting another record high

  • Assets under management show another significant increase of CHF 1.4 bn or 13.6%, fueled by market performance and new money inflows – despite the plunge in prices in March 2020 caused by the COVID-19 pandemic
  • Long-term growth momentum is still intact – COVID-19 pandemic was an opportunity to further sharpen our expert profile in our core segment
  • Time-tested investment expertise and product range deliver steady growth
  • Attention in 2021 will continue to focus on direct equity investments and the launch of innovative products
Core «Healthcare» strategies attract more than CHF 1 bn for the first time

Core «Healthcare» strategies attract more than CHF 1 bn for the first time

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Source: Bellevue Group, as at 12/31/2020

Assets under management increase 14% thanks to new money inflows and performance-driven growth

  • Net new money of CHF 377 mn represents exclusively organic growth
  • Investment strategies in healthcare, our core area of expertise, attract more than CHF 1 bn in net new money for the first time in the history of the company. These inflows are spread across the entire range of our healthcare investment solutions
  • Differentiated alternative investment solutions (incl. the new «Private Markets» unit) show stability despite the market turbulence
  • Asset outflows from traditional investment vehicles slowed versus the previous year – but bond and multi-asset strategies remained pressured by ruthless structural competition
  • Termination of a large institutional mandate with a very low margin had a negligible impact on income
Further improvement in operating income with intact momentum

Further improvement in operating income with intact momentum

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Source: Bellevue Group, as at 12/31/2020

Operating income climbs more than 8% to CHF 110 mn

  • Core asset management business generates record operating income of CHF 110 mn despite dramatic slump in Q1 2020
  • The 7.3% increase in recurring asset-based income does not yet reflect the strong H2 2020 growth in AuM, which will not feed through to income until H1 2021
  • Slight y-o-y increase in non-recurring income, due to significantly lower performance fees of CHF 3.8 mn (prev. period: CHF 6.3 mn), but private equity generates solid income of CHF 2.5 mn (prev. period: CHF 1.0 mn)

Still focused on the business model of recurring income

  • Recurring income share of total income, >93%, remains at a very high level
Steady value creation for shareholders over the long term

Steady value creation for shareholders over the long term

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Source: Bellevue Group, as at 12/31/2020
Significant improvement in cost/income ratio

Significant improvement in cost/income ratio

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Source: Bellevue Group, as at 12/31/2020
  • Clearly lower CIR thanks to significant increase in earnings and proportionately slower increase in cost base
  • The operating profit-based CIR for 2020 confirms the positive downward-pointing long-term trend
  • Steady efficiency gains possible thanks to scalability model
Strong equity base

Strong equity base

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Source: Bellevue Group, as at 12/31/2020 
  • Equity base remains strong despite special dividend payout in 2020 (CHF 37 mn) thanks to sustained earnings power
  • Reduction in goodwill & intangibles (prev. period: CHF 64 mn), after extraordinary value adjustment and impairment at StarCapital
  • Required level of regulatory minimum capital as a pure asset manager is lower, enabling a very attractive return on equity
  • Reserves of CHF 73 mn create more even leeway for attractive payouts and expansion projects
  • Simple and debt-free balance sheet

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