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Annual Report 2021
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shareholder letter

Bellevue achieves a 93% increase in net profit to CHF 43.1 mn

Attractive dividend policy with increase of the dividend to CHF 2.70
As a specialized asset manager, Bellevue achieved record profits amid an overall positive market backdrop and again created value for clients and shareholders.

Strong new money inflows of CHF 1 bn at healthcare strategies.

André Rüegg

Chief Executive Officer

Key figures

Client assets

(in CHF bn)

12.8

12.0
2020
12.8
2021

Net new money1)

(in CHF mn)

721.6

376.7
2020
721.6
2021

Operating income

(in CHF mn)

140.6

109.9
2020
140.6
2021

Operating profit (EBTDA)2)

(in CHF mn)

60.2

46.3
2020
60.2
2021
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Group net profit

(in CHF mn)

43.1

22.3
2020
43.1
2021

Cost Income ratio (CIR)

(in %)

57.2

57.9
2020
57.2
2021

Return on equity3)

(in %)

38.6

21.7
2020
38.6
2021

Dividend yield4)

(in %)

6.6

4.9
2020
6.6
2021
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1) Net new money of current operations, before product adjustments StarCapital AG of -CHF 655 million

2) Earnings before depreciation, amortization, impairment losses and taxes

3) Based on reported net profit and average equity for the preceding 12-month period after distribution of the respective dividends

4) Based on the ordinary dividend of CHF 2.70 and the closing share price on December 31, 2021 (CHF 1.50 and closing share price on December 31, 2020)

Source: Bellevue Group, as at December 31, 2021

Presentation of the annual results 2021

milestones
Consistent strategy execution
  • Strategic profile and positioning as a pure, specialized asset manager steadily sharpened profile through new branding
  • Ongoing development of proven business model with a clear focus on creating value and on entrepreneurial responsibility
  • StarCapital: Realignment of product portfolio concluded – integration initiated in H1 2022 and proceeding as planned
milestones
Strong operating performance
  • Very good financial result amid still challenging market headwinds
  • Convincing absolute and relative investment performance over the long term offer a strong customer value
  • Attractive value created for shareholders and clients
  • Divergent market performance in H1 vs H2 2021 temporarily hinders the growth of the business base (AuM)
milestones
Reinforced & expanded platform
  • Robust and agile organization, sound capital base ensure a high level of efficiency
  • Targeted investments in innovation, new talents, internationalization (incl. new markets) and infrastructure
  • Solid governance with a sharp focus on ESG as a new market reality

Financial highlights

Bellevue Group performed well as a pure play asset manager in an exceptional market environment in 2021. The detailed figures on the annual results can be found in the presentation.

Get the detailed figures

Further information

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