Zurich boutique announces 2018 preliminary results & board changes

Zurich boutique announces 2018 preliminary results & board changes

Based on the preliminary consolidated results, Bellevue Group's profit after tax for the 2018 fiscal year is expected to approach CHF20m.

Swiss bank reported an operating profit of CHF13.5m as per 30 June 2018. Challenging market conditions during the second half of 2018 diminished the group's operating performance, resulting in an expected full-year operating profit of about CHF24.6m. Assets under management dipped just below CHF11bn due to market conditions. 

The board of directors will propose a continuous payout at the upcoming Annual General Meeting of shareholders - a dividend of CHF0.85 per share plus a cash distribution of CHF0.25 per share from capital contribution reserves.

Changes in the board of directors
Bellevue Group has made changes to the board of directos. The current director Veit de Maddalena will be proposed as the new chairman of the board at the Annual General Meeting on 19 March 2019. He is the designated successor to Thomas von Planta, who has decided not to stand for re-election. Mirjam Staub-Bisang is also not standing for re-election. 

Katrin Wehr-Seiter and Urs Schenker will be proposed as new members of the board of directors. 

Wehr-Seiter is a partner and managing director of BIP Capital Partners SA and BIP Investment Partners SA, both Luxembourg-based companies. She had previously worked as a principal at Permira, and supported thereafter as an independent advisor of medium-sized companies, and the international private equity group Bridgepoint as a Senior Advisor.

Schenker has extensive experience in corporate, financial and capital markets law and is titular professor at the University of St. Gallen.