Bellevue Group

Bellevue Group AG is a Swiss listed investment-management company headquartered in Zurich. Founded in 1993, the group developed from a securities and brokerage business into a focused asset manager serving institutional, wholesale, intermediary, and private-market clients. Its principal operating businesses are Bellevue Asset Management and Bellevue Private Markets. The group is particularly associated with healthcare investing, including public equities, biotechnology, medical technology, healthcare innovation, and specialist thematic strategies, while also managing portfolios covering growth companies, small and medium-sized enterprises, bonds, multi-asset mandates, and private equity. The company’s history includes several significant changes in strategic direction. During its earlier years, the group’s subsidiary Bank am Bellevue became an important participant in Swiss brokerage and block-trading activity. Bellevue also expanded through the acquisition and integration of Swissfirst AG in 2006. During the first half of the 2010s, pressure on profitability encouraged a shift away from brokerage and toward institutional asset management. The 2014 acquisition of Adamant Biomedical Investments from Zürcher Kantonalbank strengthened Bellevue’s healthcare franchise; Bellevue Asset Management and Adamant were combined at the beginning of 2015, increasing assets under management by CHF 831 million to CHF 3.9 billion according to the cited company history. Bellevue subsequently broadened its geographic and product reach. In 2016 it acquired Germany-based StarCapital, adding exchange-traded-fund strategies as well as global equity, bond, and asset-management products. StarCapital acquired Mars Asset Management in 2018 to expand its institutional business and rule-based strategies. Bellevue also established BB Pureos Bioventures in 2018, a venture-capital vehicle focused on emerging biological therapies, and launched the BB Adamant Sustainable Healthcare fund. In 2019 the group created its Private Market Investments division and added private-equity capabilities, including the Adbodmer business, while selling Bank am Bellevue to Luxembourg-based KBL Group. The bank sale ended Bellevue’s private-client banking activities and left the group focused on asset management. Healthcare remains the group’s defining investment specialization. Bellevue manages or advises strategies such as BB Biotech and a range of healthcare equity and thematic funds. The group has also developed products addressing sustainability, obesity, artificial intelligence in healthcare, and private investment in Swiss entrepreneurial companies. The COVID-19 pandemic increased investor interest in healthcare and supported a strong operating performance in 2020 and 2021. Later, rising interest rates and weaker market conditions, particularly for smaller biotechnology companies, reduced performance and profitability in 2022 and 2023. In the 2020s Bellevue continued to consolidate its German operations, expand in Asia, and introduce new healthcare products. Bellevue Obesity Solutions and Bellevue AI Health (Lux) were launched in November 2023. Stefano Montalbano became chief financial officer in March 2024. In June 2025, Veit de Maddalena became chairman and chief executive of Bellevue Group, while Markus Peter became chief executive of Bellevue Asset Management. The group also launched its first actively managed healthcare exchange-traded fund in September 2025. The cited reference describes Bellevue as employing approximately 75 people and managing CHF 5.3 billion in assets in 2025, with healthcare representing approximately 88% of client assets.

Bellevue Group was established in Switzerland in 1993 by Martin Bisang, Jürg Schäppi, Hans-Jörg Graf, Daniel Schlatter, and Dieter Albrecht. The company initially developed a strong position in Swiss securities brokerage through its subsidiary Bank am Bellevue, which participated in brokerage and block transactions. Swissfirst AG, another company founded in 1993, joined the group in December 2006 and was subsequently merged into Bellevue Group. During the early 2010s, persistently weaker profit margins led Bellevue to reconsider its business model. The group increasingly emphasized institutional asset management and specialist investment capabilities rather than brokerage and corporate finance. A major step in this transition came in 2014, when Bellevue acquired Adamant Biomedical Investments from Zürcher Kantonalbank. Bellevue Asset Management and Adamant were combined on 1 January 2015, creating a larger healthcare-investment platform and increasing assets under management by CHF 831 million to CHF 3.9 billion, according to the cited reference. Bellevue expanded in Germany through its 2016 acquisition of StarCapital AG. StarCapital brought ETF strategies and global equity, bond, and asset-management funds, together with a substantial German client base. In January 2018, StarCapital acquired Mars Asset Management, adding institutional assets and strengthening rule-based investment strategies. Bellevue also broadened beyond listed healthcare securities. BB Pureos Bioventures was established in 2018 as a Guernsey-registered venture-capital vehicle focused on new biological treatments, including nucleic-acid, cell, and gene therapies. Bellevue launched BB Adamant Sustainable Healthcare during the same year. The group’s strategic refocusing continued in 2017, when it discontinued brokerage and corporate-finance operations. In 2019, Bellevue sold its holding in SIX Group to Credit Suisse and created a Private Market Investments division. Adbodmer AG, an investment business founded by Adriana Ospel-Bodmer, became part of the group in this context. Later in 2019, Bank am Bellevue was sold to Luxembourg-based KBL Group, which took over the bank’s personnel and clients. The transaction ended Bellevue’s private-client business and transformed the company into a pure asset manager. The COVID-19 pandemic generated heightened interest in healthcare investments. Bellevue reported a stronger operating result in the first half of 2020 and achieved its best-ever results in 2021, according to the cited history. Market conditions subsequently became more difficult. Rising interest rates placed pressure on smaller biotechnology companies and other growth investments, contributing to weaker performance in 2022 and a reported profit of CHF 8 million in 2023. In 2022, StarCapital was integrated into Bellevue Group, with the German business managed from Frankfurt. The group also began expanding into Asia. Product development in the following years reflected Bellevue’s healthcare specialization and interest in long-term structural themes. In November 2023, the group introduced Bellevue Obesity Solutions, focused on companies addressing nutrition, exercise, and obesity, as well as Bellevue AI Health (Lux), focused on generative artificial intelligence and healthcare applications. Leadership and operating responsibilities changed in the mid-2020s. Stefano Montalbano became chief financial officer in March 2024. In June 2025, Veit de Maddalena became chairman and CEO of Bellevue Group, while Markus Peter, a Bellevue investment professional since 2009 and a member of the Group Executive Board since 2024, became CEO of Bellevue Asset Management. In September 2025, Bellevue launched its first actively managed healthcare ETF. The cited reference describes Bellevue as having approximately 75 employees and CHF 5.3 billion in assets under management in 2025, with about 88% of client assets invested in healthcare.

1. 2025New group and asset-management leadership

   Veit de Maddalena becomes group chairman and CEO, and Markus Peter becomes CEO of Bellevue Asset Management.

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2. 2023Obesity and AI healthcare funds are launched

   Bellevue introduces thematic products focused on obesity solutions and generative AI in healthcare.

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3. 2021Bellevue reports its strongest results

   The cited reference identifies 2021 as the group’s record year.

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4. 2019Bellevue becomes a pure asset manager

   The sale of Bank am Bellevue ends the group’s private-client banking activities.

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5. 2018BB Pureos Bioventures is established

   The group enters a specialist venture-capital segment focused on emerging biological therapies.

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6. 2017Brokerage and corporate finance are discontinued

   Bellevue completes a strategic withdrawal from these activities.

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7. 2016StarCapital is acquired

   The acquisition expands Bellevue’s German presence and product range.

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8. 2015Adamant is merged into Bellevue Asset Management

   The integration consolidates Bellevue’s healthcare investment capabilities.

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9. 2014Adamant Biomedical Investments is acquired

   Bellevue acquires the healthcare investment business from Zürcher Kantonalbank.

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10. 2006Swissfirst joins the group

    Swissfirst AG becomes part of Bellevue Group in December and is later merged into the group.

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11. 1993Bellevue Group is founded

    Martin Bisang, Jürg Schäppi, Hans-Jörg Graf, Daniel Schlatter, and Dieter Albrecht establish the group in Switzerland.

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A specialist Swiss boutique asset manager built around healthcare expertise, thematic investing, growth equities, and selected private-market opportunities.

• BB BiotechHealthcare investment company and biotechnology strategy

  BB Biotech is one of Bellevue’s best-known healthcare investment activities. Bellevue Asset Management manages the investment company’s strategy, which focuses on biotechnology and innovative healthcare businesses. The offering gives investors specialist exposure to companies developing medicines and other healthcare technologies, complementing Bellevue’s broader healthcare equity platform.

• Bellevue Healthcare StrategyHealthcare equity strategy

  Bellevue Healthcare Strategy represents the group’s core specialist approach to investing across the healthcare sector. The strategy can include pharmaceutical, biotechnology, medical-technology, healthcare-services, and related businesses. It is designed to use Bellevue’s sector research and company-selection expertise rather than offer broad generalist equity exposure.

• BB Adamant Sustainable HealthcareSustainable healthcare fund2018

  Launched in 2018, BB Adamant Sustainable Healthcare combines Bellevue’s healthcare specialization with a sustainability-oriented investment framework. The fund targets healthcare companies whose products or services may contribute to health outcomes and selected sustainability objectives, subject to the fund’s investment methodology.

• BB Pureos BioventuresHealthcare venture capital2018

  BB Pureos Bioventures is a venture-capital vehicle established in 2018 and registered in Guernsey. It focuses on emerging biological active substances and therapeutic technologies in areas of high medical need, including nucleic-acid medicines, cell therapies, and gene therapies.

• Bellevue Entrepreneur PrivatePrivate equity2021

  Introduced in early 2021, Bellevue Entrepreneur Private invests in small and medium-sized Swiss companies. The strategy is designed to co-invest alongside entrepreneurial families and is managed through Bellevue’s private-market capabilities.

• Bellevue Obesity SolutionsThematic healthcare equity fund2023

  Bellevue Obesity Solutions is a globally oriented equity fund launched in November 2023. It focuses on companies addressing obesity through areas such as nutrition, exercise, treatment, and related healthcare technologies. The strategy is based on the view that rising global obesity rates may create a growing long-term investment universe.

• Bellevue AI Health (Lux)Thematic healthcare and technology fund2023

  Launched in November 2023, Bellevue AI Health (Lux) targets investment opportunities created by generative artificial intelligence in healthcare. Its theme may include companies developing or applying AI in areas such as research, diagnosis, treatment, healthcare delivery, and medical-data analysis.

• Bellevue actively managed healthcare ETFExchange-traded fund2025

  Bellevue launched its first actively managed healthcare ETF in September 2025. The product provides exchange-traded access to the healthcare asset class while retaining an active portfolio-management approach rather than tracking a purely passive index.

• 2025Launch first actively managed healthcare ETFProduct launch

  Bellevue sought to make its healthcare investment expertise available through an exchange-traded structure.

  What changed. The group launched its first actively managed healthcare ETF in September 2025.

  Aftermath. The product extended Bellevue’s healthcare platform into the ETF market.

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• 2023Expand thematic healthcare productsProduct launch

  Bellevue identified obesity and artificial intelligence as long-term themes with potential relevance to healthcare investing.

  What changed. The group launched Bellevue Obesity Solutions and Bellevue AI Health (Lux).

  Aftermath. The launches broadened Bellevue’s healthcare range into thematic strategies related to chronic disease, prevention, and AI-enabled healthcare.

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• 2022Integrate StarCapital and consolidate German operationsStrategy

  Bellevue sought to streamline its German business after changes in the StarCapital organization and a reduction in managed assets.

  What changed. StarCapital was integrated into Bellevue Group, with the German business managed entirely from Frankfurt.

  Aftermath. The integration simplified the group’s German operating structure while Bellevue pursued further international expansion, including in Asia.

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• 2019Sell Bank am BellevueM&A

  Bellevue was refocusing on asset management and reassessing its private-client banking business.

  What changed. The group sold Bank am Bellevue to Luxembourg-based KBL Group.

  Aftermath. KBL took over the bank’s employees and client base, and Bellevue became a pure asset manager.

  Source
• 2017Withdraw from brokerage and corporate financeStrategy

  Declining profit margins and the strategic shift toward institutional asset management reduced the fit of Bellevue’s earlier brokerage and corporate-finance activities.

  What changed. Bellevue Group discontinued its brokerage and corporate-finance operations.

  Aftermath. The decision accelerated Bellevue’s transformation into a focused asset manager.

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• 2025Veit de Maddalena becomes chairman and CEO

  De Maddalena took over as chairman and chief executive of Bellevue Group in June 2025.

  Leadership change
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• 2025Bellevue launches its first actively managed healthcare ETF

  The product provided exchange-traded access to Bellevue’s healthcare investment expertise.

  Product launch
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• 2024Stefano Montalbano becomes Bellevue Group chief financial officer

  Montalbano assumed the group CFO role in March 2024.

  Leadership change
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• 2023Bellevue launches Obesity Solutions and AI Health funds

  The new strategies targeted companies addressing obesity and investment opportunities created by generative artificial intelligence in healthcare.

  Product launch
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• 2022StarCapital is integrated into Bellevue Group

  Bellevue consolidated its German business under Frankfurt-based management following the integration of StarCapital.

  Other
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• 2022Bellevue Group begins expanding in Asia

  The group began extending its geographic presence into Asian markets while continuing to manage its German operations from Frankfurt.

  Other
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• 2021Bellevue introduces Bellevue Entrepreneur Private

  The vehicle invests in small and medium-sized Swiss companies alongside entrepreneurial families.

  Product launch
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• 2021Bellevue reports record results

  The reference describes 2021 as Bellevue’s strongest year, supported by favorable market conditions and healthcare demand.

  Other
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• 2020Bellevue reports strong healthcare-related performance during the pandemic

  Increased investor interest in healthcare during the COVID-19 period supported a reported rise in operating result in the first half of 2020.

  Other
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• 2019Bellevue sells Bank am Bellevue to KBL Group

  The sale transferred the bank’s staff and client base to KBL Group and marked Bellevue’s exit from private-client banking.

  M&A
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• 2019Bellevue establishes its Private Market Investments division

  The new division added private-equity and private-market activities to the group’s investment-management platform.

  Other
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• 2018StarCapital acquires Mars Asset Management

  The transaction was intended to expand Bellevue’s institutional client business and rule-based investment capabilities in Germany.

  M&A
  Source
• 2018Bellevue launches BB Pureos Bioventures

  The venture vehicle targeted emerging biological therapies, including nucleic-acid, cell, and gene therapies.

  Product launch
  Source
• 2018Bellevue launches BB Adamant Sustainable Healthcare

  The fund extended Bellevue’s healthcare offering with an investment approach incorporating sustainability considerations.

  Product launch
  Source
• 2017Bellevue discontinues brokerage and corporate-finance activities

  As part of a strategic refocusing, the group withdrew from brokerage and corporate finance to concentrate on institutional asset management.

  Other
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• 2016Bellevue Group acquires StarCapital

  The purchase expanded Bellevue’s German presence and added ETF, global equity, bond, and asset-management strategies.

  M&A
  Source
• 2015Bellevue integrates Adamant into its asset-management business

  The combination increased reported assets under management and consolidated Bellevue’s healthcare-specialist capabilities.

  M&A
  Source
• 2014Bellevue Group acquires Adamant Biomedical Investments

  The acquisition strengthened Bellevue’s healthcare investment platform and was followed by the integration of Adamant into Bellevue Asset Management.

  M&A
  Source

1. Bellevue Group
2. Bellevue Group official website