Sales and distribution highlights
Bellevue has a stable and well-diversified client base in its core markets of Switzerland, Germany, and the United Kingdom, augmented by its presence in strategic secondary markets such as Austria, Benelux, Spain, and Singapore. 2025 was a challenging year for sales and distribution activities. Agility, adaptability, and a sound strategic road map were clearly indispensable.
Demand and market environment
Demand for specialized healthcare investments was soft during the first few quarters of 2025. The new tariff policies announced on «Liberation Day» led to an almost complete collapse of demand within the healthcare segment. Given the widespread uncertainties, investors largely avoided the sector, and new subscription activity declined to significantly lower levels.
This situation gradually stabilized during the third quarter of 2025, and the healthcare sector staged a welcome recovery in the fourth quarter. Agreements reached between pharmaceutical multinationals and the Trump administration helped to resolve most of the regulatory and political uncertainties. Improved planning reliability and forecasting accuracy strengthened investor confidence and led to a tangible upturn in demand and a greater willingness to invest in the healthcare sector, especially in the biotech sector, which received an additional boost from M&A activity.
The Bellevue Entrepreneur strategies performed very well throughout the year under review. Their strong performance and growing interest from both existing and new investors fueled a sustained increase in demand, resulting in a clearly positive contribution to fund sales.
The Bellevue Global Macro fund also performed well while navigating the challenging market environment. Its successful management of the market turmoil caused by the «Liberation Day» tariffs kept drawdowns within a reasonable range and underscored the resilience and viability of this fund’s investment concept.
Strategic development of sales and distribution
After successfully establishing and expanding Bellevue’s presence in Asia, Florin Boetschi was appointed head of sales and distribution at the end of 2025. His appointment marks an important step toward sharpening Bellevue’s sales and distribution strategy. Key objectives include greater alignment between Bellevue’s sales efforts and resources and its long-term growth ambitions, achieving a more granular prioritization of targeted client segments, and fostering closer collaboration between sales, product management, and portfolio management teams.
Improvements in advisory resources and quality, distinctive profiling of investment strategies, and consistent communications tailored to the specific target client groups will play a central role in achieving these objectives. These initiatives will help to identify and capture growth opportunities even in a challenging market environment.
Expansion of international presence in Asia
In keeping with the company’s long-term growth strategy, the wholly owned subsidiary in Singapore successfully commenced operations during the year under review, strengthening Bellevue’s coverage of Asian markets, with a focus on Singapore and Hong Kong. The Singapore office primarily targets professional investors such as banks, asset managers, and family offices.
This local office reflects the growing strategic importance of the region and lays the foundation for the sustainable growth of Bellevue’s Asian business. Going forward, the regional team under the leadership of Diya Lowe will be gradually expanded in order to strengthen the company’s market presence and effectively capture growth opportunities.