Bellevue is banking on an equity surge in Spain
Markus Heer, partner at Swiss asset management boutique Bellevue, has said that the company’s commitment to the Spanish market remains firm.
Independent Swiss boutique Bellevue Asset Management, which invests in healthcare companies, family businesses and frontier markets, entered the Spanish market about a year ago marketing nine Luxembourg-domiciled investment funds now registered with the Comisión Nacional del Mercado de Valores.
Markus Heer, the partner responsible for the region, says that, as a highly specialised equity manager, Bellevue invests in sectors and regions with structural growth.
The focus is entirely on managing and promoting Bellevue’s proprietary funds and the asset manager doesn’t select third-party funds. So far, flagship investments for Spanish clients have been BB Entrepreneur Europe, BB Biotech and BB African Opportunities, which have had a positive absolute performance this year, despite the difficult market environment.
“Bellevue pursues a focused distribution approach targeting mainly institutional investors such as asset managers and private banks, as well as family offices and the growing number of Spanish independent financial advisers,” Heer says.
As for all other markets, Bellevue covers Spain from the firm’s main office in Zurich. But the commitment to grow in the country is strong. “We are in Spain for the long term and we plan to grow gradually over the next years,” Heer confirms.
The same strategy is not matched in neighbouring southern European countries and despite its presence in Iberia, Bellevue is not currently planning to market its funds in other Mediterranean markets, such as Italy.
“Given the current volatile market environment the risk appetite of investors is at a historical low level. This results is a limited demand for equity products,” Heer says. This is expected to change over the next few months.
“We expect a surge in demand for equity investment funds once there is a definition of the future of the eurozone and inflation expectations are picking up,” he adds.
According to Heer, when investors return to equities, they will go for low-cost passive products such as ETFs or look for specialised managers with a proven track record in industries and regions that are expected to have above-average growth.
“At Bellevue, we feel to be well positioned to tackle that demand, given our focus on market segments with strong structural growth,” he adds.