Investor presentation
The 2025 half-year results in brief: Overview, capital market environment, business results, update and outlook.
Assets under management reduced by around 16%...
Assets under management reduced by around 16%...
Development of AuM base 2020 – H1 2025
Development of assets under management
- Assets under management down by around 16% or CHF 939 mn compared to 31.12.2024
- USD assets account for around 75% of total assets under management
- Negative USD currency effect of CHF 550 mn (USD -12.5% in H1 2025)
- Healthcare strategies represent around 87% of assets under management
…due to the USD effect and client reallocations out of the healthcare sector
…due to the USD effect and client reallocations out of the healthcare sector
Development of AuM base in H1 2025
Development of assets under management
- Reduction due to client reallocations (CHF 407 mn) and negative investment performance (CHF 531 mn)
- Product performance contributed positively (in local currencies), the net negative performance is mainly attributable to the depreciation of the US dollar against the Swiss franc
- Share buybacks in connection with the introduction of the Zero Discount Policy at Bellevue Healthcare Trust led to outflows of CHF 125 mn
Asset management services income declines with assets under management
Asset management services income declines with assets under management
Development of income from asset management activities,
2020 – H1 2025
Development of income from asset management services
- Decline in revenues from asset management services of around 23% in line with the development of the average AuM base
- Average AuM base of around CHF 5.3 bn for H1 2025 (H1 2024 CHF 7.0 bn)
- High proportion of recurring income (management fees)
- Only a small contribution from transaction-based fees and performance fees
Operating income driven by AuM
Operating income driven by AuM
Detailed development of operating income
Changes in operating income of CHF 11.4 mn in absolute terms driven by:
- Decrease in income from asset management services by CHF 8.1 mn or 23% to CHF 27 mn due to lower average AuM
- Decrease in financial result by CHF 3.1 mn due to market distortions and the depreciation of the US dollar against the Swiss franc
- Decrease in other income due to lower interest and dividend income
Reduction operating expenses
Reduction operating expenses
Development of operating expenses and CIR
- An entrepreneurial and performance-based compensation model, as well as a lower number of FTEs, lead to lower personnel expenses
- Thanks to active cost management, the expense side has been sustainably reduced
- Cost-saving measures initiated in the first half of 2025 will take full effect from 2026, with initial effects visible in H2 2025
- Increase in the cost/income ratio (CIR) to around 90%