Along with other companies in financial services, Bellevue Group also took a hit in the second quarter of 2018. The supervisory board is about to undergo a change of personnel.
Net income at Bellevue Group, which is based in Kuesnacht, fell to just below 20 million Swiss francs ($20 million), from 21.5 million francs a year earlier, the company said in a statement on Wednesday. Profitability was under pressure in the second half as markets declined across the board.
Assets under management also declined, measuring in at 11 billion francs, down from 12 billion a year ago.
Board Changes
The supervisory of the financial-services firm will see several changes. Veit de Maddalena, an erstwhile head of Rothschild Bank, has been nominated to replace Thomas von Planta as chairman. De Maddalena is a current member of the board.
Bellevue Group also nominated Urs Schenker, a business lawyer, and Katrin Wehr-Seiter, an investment manager, as new members of the top committee of the firm. They will replace von Planta and Mirjam Staub-Bisang, who recently was made head of Blackrock Switzerland.
