Bellevue Asset Management

What Bellevue Asset Management does

Bellevue Asset Management AG is a Swiss specialty asset manager and wholly owned subsidiary of publicly listed Bellevue Group AG (SIX Swiss Exchange), founded in 1993 and headquartered in Zurich with offices in London, Frankfurt, Singapore, and Dublin. The firm operates as an active, fundamental bottom-up equity manager concentrated in three pillars: healthcare investments (biotech, medtech, digital health, AI health, obesity solutions, and longevity themes via BB Biotech AG, the Bellevue Healthcare UCITS ETF, and dedicated thematic funds), small & mid-cap entrepreneurial investments (Swiss and European listed small-caps plus private equity strategies), and multi-asset/bond strategies (Bellevue Global Macro and Bellevue Global Income). Assets under management stood at CHF 4.8 billion at H1 2025, down from a 2021 peak of CHF 14.4 billion.

Name

Bellevue Asset Management

Legal name

Bellevue Asset Management AG

Website

https://bellevue.ch

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

11–50 employees

Short description

Bellevue Asset Management AG is a Swiss specialty asset manager offering actively managed healthcare, small & mid-cap, and multi-asset funds to institutional, qualified, and retail investors across Europe and Asia Pacific.

Ownership category

akta.pro rank

Product category

Healthcare-focused asset management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Healthcare & Life Sciences Growth Equity (FSANACAB)

Keywords

• Healthcare investment management
• Equity fund management
• Small mid-cap investing
• Multi-asset strategies
• Active ETF management

Headquarters

HQ city

Kusnacht

HQ country

Switzerland

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Fund Management Fees: Recurring management fees charged on assets under management across Bellevue Funds (Lux) SICAV, Swiss investment funds, and third-party mandates. Fee income is directly tied to the AuM base, which stood at CHF 4.8 billion in H1 2025.
2. Performance Fees: Success fees charged when investment funds meet or exceed defined performance targets relative to their benchmarks, as described in fund documentation (BVI method).
3. ETF Operations: Revenue from actively managed Bellevue Healthcare UCITS ETF listed on SIX Swiss Exchange and Deutsche Börse Xetra, providing healthcare exposure through a UCITS-compliant wrapper.
4. Operating Activities for BB Biotech AG: Bellevue Asset Management is responsible for the operating activities, administration, and marketing of BB Biotech AG, a separately listed investment company focused on biotechnology.

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

Bellevue Asset Management AG is a Swiss specialty asset manager that operates investment funds and mandates concentrated on healthcare (biotech, medtech, digital health, AI health, obesity solutions, and longevity themes), small and mid-cap entrepreneur companies, and multi-asset/bond strategies. The firm manages BB Biotech AG, runs Luxembourg UCITS SICAV and Swiss-domiciled funds, and launched its first actively managed ETF (Bellevue Healthcare UCITS ETF) in September 2025.

Product overview

Bellevue Asset Management operates as a specialty investment manager offering a diversified portfolio of investment products. The core offering centers on Healthcare Investments including biotech (BB Biotech AG, Bellevue Biotech CH), medtech (Bellevue Medtech & Services), and thematic healthcare funds (Bellevue AI Health, Bellevue Digital Health, Bellevue Obesity Solutions, Bellevue Healthcare ETF). The Healthcare Global category includes diversified and sustainable healthcare strategies, while Regional Healthcare covers Asia Pacific and Emerging Markets. Beyond healthcare, Bellevue provides Small & Mid Sized Entrepreneur Investments including listed Swiss and European small caps and private equity (Bellevue Entrepreneur Private), plus Multi Asset & Bonds strategies (Bellevue Global Macro, Bellevue Global Income). The product suite operates across multiple legal structures including Swiss funds, Luxembourg SICAV, and UCITS ETFs, distributed through institutional and retail channels in Switzerland, Germany, Austria, Spain, and Luxembourg.

Differentiator

Problem solved

Functional benefit

Brands

• Bellevue Healthcare ETF: Actively managed UCITS ETF focused on global healthcare stocks, listed on SIX Swiss Exchange and Deutsche Börse Xetra.
• Bellevue Medtech & Services
• Bellevue Digital Health
• Bellevue AI Health
• Bellevue Obesity Solutions
• Bellevue Diversified Healthcare
• Bellevue Sustainable Healthcare
• Bellevue Healthcare Strategy
• Bellevue Asia Pacific Healthcare
• Bellevue Emerging Markets Healthcare
• Bellevue Biotech (CH)
• Bellevue Entrepreneur Europe Small
• Bellevue Entrepreneur Swiss Small & Mid
• Bellevue Entrepreneur Switzerland (CH)
• Bellevue Entrepreneur Private
• Bellevue Global Macro
• Bellevue Global Income
• BB Biotech AG

Products and services

• BB Biotech AG Investment company listed on SIX Swiss Exchange and German Prime Standard, focused on investing in biotechnology companies globally. Bellevue Asset Management is responsible for its operating activities, administration, and marketing.
• Bellevue Biotech (CH) Swiss-domiciled fund focusing on biotechnology company investments for professional and qualified investors.
• Bellevue Medtech & Services Fund investing in medical technology and healthcare services companies, marking over 15 years of active management.
• Bellevue AI Health Thematic fund focusing on AI-driven healthcare innovation and technologies.
• Bellevue Digital Health Thematic fund targeting digital health monitoring and healthcare technology companies.
• Bellevue Obesity Solutions Thematic fund focusing on companies addressing obesity treatment and related healthcare solutions.
• Bellevue Diversified Healthcare Diversified healthcare fund providing broad exposure to the global healthcare sector.
• Bellevue Healthcare UCITS ETF Actively managed UCITS ETF investing in top healthcare stocks, listed on SIX Swiss Exchange and Deutsche Börse Xetra. Benchmark: MSCI World Healthcare Index.
• Bellevue Healthcare Strategy Core healthcare equity strategy providing global healthcare exposure through active management.
• Bellevue Sustainable Healthcare Sustainable healthcare fund incorporating ESG criteria into healthcare investments.
• Bellevue Asia Pacific Healthcare Regional healthcare fund focusing on Asia Pacific healthcare companies.
• Bellevue Emerging Markets Healthcare Regional healthcare fund focusing on emerging markets healthcare opportunities.
• Bellevue Entrepreneur Europe Small Fund investing in small and mid-sized European entrepreneurial companies.
• Bellevue Entrepreneur Swiss Small & Mid Fund investing in Swiss small and mid-sized companies.
• Bellevue Entrepreneur Switzerland (CH) Swiss-domiciled fund focusing on Swiss entrepreneurial companies.
• Bellevue Entrepreneur Private Private equity fund focused on entrepreneurial companies, including private equity secondaries and direct private market investments for qualified investors.
• Bellevue Global Macro Multi-asset fund using global macro investment strategies.
• Bellevue Global Income Bond fund focused on global income strategies.

Quantifiable outcome

• Healthcare sector re-rating potential identified based on 13% valuation discount to global stocks, with USD 180 billion in biopharma M&A capacity.
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered minor and core.

• Columbia ThreadneedleminorChannel Partner/ Reseller/ Distributor · 30 October 2025Columbia Threadneedle has been proposed by Bellevue Healthcare as the new fund manager for the Bellevue Healthcare Trust, as part of streamlining UK activities and operational restructuring.
• Waystone ETF ICAVcoreChannel Partner/ Reseller/ Distributor · 18 September 2025Waystone ETF ICAV is the open-ended Irish collective asset-management vehicle (umbrella fund) that hosts the Bellevue Healthcare UCITS ETF sub-fund. Authorised by the Central Bank of Ireland. The ETF is registered for public distribution in Switzerland and Germany.
• Waystone Fund Services (Switzerland) SAcoreChannel Partner/ Reseller/ DistributorOfficial representative in Switzerland for Bellevue Funds (Lux) SICAV, located at Avenue Villamont 17, CH-1005 Lausanne. Responsible for fund distribution oversight in the Swiss market.
• DZ PRIVATBANK (Schweiz) AGcoreChannel Partner/ Reseller/ DistributorPaying agent in Switzerland for Bellevue Funds (Lux) SICAV, located at Münsterhof 12, CH-8022 Zürich. Handles subscription and redemption processing for Swiss investors.
• CACEIScoreChannel Partner/ Reseller/ DistributorCACEIS Investor Services Bank S.A. is responsible for fund administration, custodian services, and order processing for Luxembourg-based Bellevue investment funds. Also serves as custodian for Bellevue Entrepreneur Switzerland.
• Swisscanto Fondsleitung AGcoreChannel Partner/ Reseller/ DistributorFund management company for Bellevue Funds under Swiss law, located at Bahnhofstrasse 9, 8001 Zürich. Responsible for fund administration and compliance for Swiss-regulated Bellevue investment funds.
• PMG Investment Solutions AGcoreChannel Partner/ Reseller/ DistributorFund management company for Bellevue Entrepreneur Switzerland fund under Swiss law, located at Dammstrasse 23, 6300 Zug. Co-manages Swiss-regulated small and mid-cap entrepreneurial investment products.
• Zürcher KantonalbankcoreChannel Partner/ Reseller/ DistributorCustodian bank for Bellevue Funds under Swiss law, providing secure custody services for fund assets. Located in Zurich.
• Zeidler Legal Process Outsourcing Ltd.minorChannel Partner/ Reseller/ DistributorInformation and paying agent for Germany and Austria, located at 19-22 Lower Baggot Street, Dublin 2, Ireland. Facilitates fund distribution and investor services for German and Austrian markets.
• VSG Datenschutzpartner UGminorImplementation/ SI/ Consulting PartnerEU data protection representative appointed by Bellevue Group AG to serve as point of contact for supervisory authorities and data subjects on all EU data protection matters, located at Am Kaiserkai 69, D-20457 Hamburg.
• Prico GmbHminorImplementation/ SI/ Consulting PartnerExternal data protection officer appointed for Bellevue Asset Management (Deutschland) GmbH, contacted via [email protected] at Unterer Markt 1, 49477 Ibbenbüren, Germany.

Scale indicators13 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Polar Capital Holdings: UK-listed specialist asset manager with a strong healthcare and biotechnology fund franchise (Polar Capital Global Healthcare, Polar Capital Biotechnology). Direct competitor in the specialist healthcare equity space with similar size and active fundamental approach.
• GAM Investments: Swiss asset manager with GAM Star Healthcare and similar specialty fund offerings. Comparable size and Swiss domicile, undergoing strategic restructuring - useful comparable for specialty asset manager economics.
• HBM Partners: Swiss-based healthcare-focused investment firm specializing in private and public healthcare investments. Highly comparable specialist healthcare investment model with similar Swiss domicile and concentrated healthcare mandate.
• Swisscanto Asset Management: Swiss asset management arm of Zürcher Kantonalbank, already a distribution partner of Bellevue. Comparable Swiss fund manager with similar regulatory standing and overlapping institutional client base in Swiss market.
• Robeco: Dutch asset manager with healthcare-focused strategies (including RobecoSAM Sustainable Healthy Living). Direct competitor in healthcare-specialist equity space with comparable active fundamental approach.

Broad incumbents

• Pictet Asset Management: Swiss private bank-affiliated asset manager with Pictet Health and Pictet Quest for Health strategies. Larger Swiss competitor with healthcare offerings but broader multi-asset, multi-region franchise compared to Bellevue's focused specialist positioning.
• BlackRock: World's largest asset manager with iShares Healthcare Innovation ETF and active healthcare strategies. Dominant incumbent with scale advantages in ETF and institutional channels that Bellevue's new UCITS ETF directly competes against.
• Vontobel Asset Management: Swiss-listed asset manager with healthcare and multi-asset capabilities. Larger incumbent Swiss peer with broader product range but overlapping mid-cap and thematic healthcare exposures.
• T. Rowe Price: Global asset manager with T. Rowe Price Health Sciences and Global Biotechnology Funds. Established broad incumbent with deep healthcare research capabilities, larger scale, and global distribution - competitive threat for institutional mandates.
• Janus Henderson Investors: Global asset manager with dedicated healthcare funds (Janus Henderson Global Healthcare). Larger incumbent offering healthcare exposure but as part of broader multi-asset, multi-region platform rather than specialist focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/BellevueAsset
• YouTubeyoutube.com/user/BellevueAsset
• LinkedInlinkedin.com/company/bellevue-asset-management

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bellevue Asset Management