Distribution developments
Bellevue’s client base in its core markets of Switzerland, Germany and the UK remains strong. In Bellevue’s strategic secondary target markets of Austria, the Benelux and Italy, growth dynamics weakened slightly due to the difficult market conditions. Only in Spain did business show above-average growth. After a long delay because of the pandemic, Bellevue’s Asia office commenced operations in collaboration with a local partner.
Steadily expanding international footprint
Switzerland, Germany and the UK remain Bellevue Group’s core markets. In Spain, the Group’s fourth-largest target market, collaboration with local partner atl Capital continues to function very smoothly. In the UK, Bellevue Healthcare Trust remains the lead product, followed by BB Biotech. In Germany, StarCapital was completely integrated into BAM Deutschland. Both teams were relocated to a fitting location in downtown Frankfurt. In addition to conducting business with large banks and funds of funds, the German unit successfully made inroads into the family office segment. In Austria Bellevue has a solid client base with growth potential. It is steadily growing its presence in the Benelux. After the COVID lockdowns were lifted, local operations in Singapore were started in collaboration with an external business partner. The entire range of Bellevue’s Luxembourg funds is available through the local partner and regional client relations as well as prospects are now locally managed and addressed. BB Biotech AG is celebrating its 30-year anniversary in 2023 and it continues to enjoy strong demand in Switzerland, Germany, the UK and Italy.
International reach, locally anchored
The establishment of distribution and marketing platforms for the Luxembourg family of funds in the most recently designated target markets of Italy and Israel has been delayed by pandemic-related travel restrictions. In the Private Markets space, a new investment vehicle focused on private equity was launched for the Swiss market. The Bellevue Entrepreneur Private Fund provides growth financing to unlisted small- and mid-sized Swiss companies and it has attracted strong interest from prominent investors. A second strategy focusing on private equity secondary transactions was launched in early 2023.
As laid out in its growth strategy, Bellevue aims to selectively develop new markets and client groups, grow its operations and expand its international reach. It is in the process of establishing a foothold in selected Latin American markets such as Chile and Peru through the recruitment of additional sales professionals and via collaboration with local partners.