Business Report Financial highlights
Financial highlights
Bellevue Group performed well as pure play asset manager in an exceptional market environment in 2021. André Rüegg, CEO, and Michael Hutter, CFO, comment on the 2021 annual results in the video below. Furthermore, you will find the financial highlights as well as the detailed presentation.
Continued growth in client assets – dented by market correction in H2 2021
Continued growth in client assets – dented by market correction in H2 2021
Change in AuM 2016 – 2021
Change in AuM 2016 – 2021
- An only slight year-on-year increase in AUM of about CHF 750 mn or 6.3% to CHF 12.8 bn
- After surging in H1, growth slowed in H2 2021 due to the overall market situation
- Long-term growth ambitions backed by tried and tested investment skills and product range
- Realignment of StarCapital's product portfolio concluded
- Alternative investment strategies (esp. direct equity investments) and production innovation our focus in 2022
Growth in 2021 by product group
Growth in 2021 by product group
Development of AuM in 2021
Continued solid new money inflows in core business with attractive margins
- Net new money of CHF 722 mn (excl. SCAG product adjustments), mostly in H1 2021
- Promising developments in private market investments with further growth potential
- Discontinuation of undifferentiated investment strategies with low margins concluded with integration of StarCapital
- Overall well-balanced asset base, renewed margin improvement
Further improvement in operating income, continued momentum
Further improvement in operating income, continued momentum
Breakdown of operating income, 2016 – 2021
Operating income increases almost 28% to CHF 140 mn
- Above-average growth in asset-based income (+34%) thanks to high AuM growth in H1 2021
- Sustained earnings growth (almost 98% of earnings are recurring) reflected continuous increase in the AuM base with high quality
- Income from transaction and performance fees was a low CHF 3.2 mn, which leaves scope for future growth
Improvement of the cost-income ratio to 57%
Improvement of the cost-income ratio to 57%
Cost-income ratio (CIR)
(based on operating profit)
- Further improvement of the cost-income ratio to 57% due to significant improvement in profitability and proportionally slower cost growth
- CIR based on operating profit confirms the positive long-term decline
- Steady efficiency gains possible thanks to scalable business model
Steady value creation for shareholders over the long term
Steady value creation for shareholders over the long term
Comparison of key figures 2016 – 2021
Strong equity base
Strong equity base
Capital structure and management
As at December 31, 2021 (consolidated)
- Equity capital remains solid thanks to sustained earnings power
- Reduction in goodwill & intangibles (prior year: CHF 51 mn), which reflects ordinary depreciation and valuation adjustments at StarCapital
- Required level of regulatory minimum capital as a pure asset manager is lower, enabling a very attractive return on equity
- Surplus equity of CHF 51 mn provide a sound cushion, ensuring attractive payouts and further growth
- Simple and debt-free balance sheet