Restructuring puts Bellevue back in the black

Bellevue Group, a securities firm and wealth manager based in Zurich, is back in the black after suffering losses last year.

The group announced H1 net profits of Sfr8.3m, compared to the losses last year of Sfr53.3m in the first half of 2011. A restructuring programme saw the bank reduce staff and other operational costs by 16%, to Sfr18.7m, from last year’s Sfr22.2m.

Bellevue reported a slight drop in income from fees and commissions, its most important source of income, to Sfr20.7m for the first half of 2012, compared to last year’s Sfr21.9m.

Assets under management at the bank, which specialises in brokerage, corporate finance and wealth management, fell 3% to Sfr3.5bn.

Bellevue is primarily a securities broker of Swiss secondary small and mid-cap stocks and OTC options, but also acts as asset manager to private and institutional clients. The Bellevue clientele comprise mainly corporations, pension funds and high net worth individuals.

Bank am Bellevue provides research and brokerage services in Swiss equities and selected international stocks, as well as corporate finance services.

Bellevue Asset Management runs specialized equity investment vehicles focused on selected sector and regional strategies and provides selected institutional asset management services.

The division increased its net fee and commission income for the first half to Sfr11.1m, up on last year’s Sfr8.0m. Personnel and other operating expenses were 15% lower y-o-y at Sfr8.7m, down on last year’s Sfr10.3m.

Net profit for the period was Sfr8m, up on the previous year’s -Sfr23.5m.

The BB Entrepreneur Europe and BB African Opportunities funds achieved top ratings in international performance rankings during the period under review.

Last month, Bellevue launched a marketing campaign in the United Kingdom, as part of an expansion programme.

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