Bellevue Group acquires German-based StarCapital AG and diversifies its product range in Asset Management - capital increase planned

2/23/2016, 5:45 PM (Source: GlobeNewswire)

Bellevue Group AG / Bellevue Group acquires German-based StarCapital AG and diversifies its product range in Asset Management - capital increase planned . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.

  • Acquisition of StarCapital AG, an independent asset manager based in Oberursel, near Frankfurt/Main, with CHF 2.5 bn in assets under management
  • Bellevue Group's assets under management increase to CHF 7.8 bn
  • StarCapital's proven expertise in multi-asset and fixed-income strategies enables diversification into new asset classes and broadens Bellevue's product range in non-healthcare sectors
  • Office close to Frankfurt/Main strengthens Bellevue Group's position in a key European market
  • StarCapital will be retained as an independent brand 
  • Capital increase of CHF 30-40 mn via rights issue planned to finance the acquisition and to retain Bellevue Group's strategic flexibility for further acquisitive action
  • Peter E. Huber will acquire an interest in Bellevue Group

Bellevue Group intends to acquire 100% of StarCapital, an independent asset manager based in Oberursel, near Frankfurt/Main. This acquisition is subject to approval by the Swiss and German regulatory authorities FINMA and BaFin as well as to additional terms and conditions customary for such transactions. The acquisition encompasses the firm's entire range of investment funds with total client assets of approximately CHF 2.5 bn as of December 31, 2015 and all of its 16 employees.

Through this acquisition Bellevue Group is deliberately diversifying into new asset classes and expanding its offering of non-healthcare investment solutions. Bellevue Group's investment competence was previously focused on sector and regional strategies while StarCapital's investment solutions consisted of bond, equity and wealth management funds as well as ETF strategies. There is no overlap between the two product ranges; they are ideally complementary. StarCapital will continue to operate as an independent company and retain its brand name as well as its current employees. It is expected to profit from a stronger operating position after the transaction closes.

Peter E. Huber, StarCapital AG Partner and Fund Manager: "With Bellevue Group we have found a competent partner with a renowned international profile who can lead StarCapital to future success in a changing market environment. Bellevue Asset Management's business model creates attractive growth opportunities for StarCapital in Switzerland and beyond." The StarCapital funds will continue to be managed by their current managers using their time-tested investment process. Peter E. Huber will continue to manage the equity, bond and wealth management funds and Markus Kaiser will be responsible for the ETF strategies. Capital market research, an important tool of the fund management company, will remain the responsibility of Norbert Keimling.

André Rüegg, CEO of Bellevue Group: "StarCapital represents an ideal expansion of our investment expertise and market presence. With StarCapital's wealth management funds, we can offer our clients first-class multi-asset and flexible equity and fixed-income solutions. Peter E. Huber, who has played a pivotal role in shaping and growing StarCapital, is recognized as one of Germany's most experienced asset managers. This acquisition enhances our presence in Germany and our access to this key European market. Expansion into new asset classes and the enlargement of our investment product range beyond the healthcare sector will further diversify Bellevue Asset Management's income base and boost recurring income."

The purchase agreement includes a symmetrical price adjustment mechanism based on StarCapital's average net profit for the fiscal years 2016-2018. Bellevue Group is expecting the acquisition to be immediately value accretive for all shareholders. Bellevue Group's dividend policy of payouts from operating cash flows will remain unchanged after the acquisition.

Capital increase through rights offering planned

In order to move ahead with the planned acquisition of StarCapital and to retain Bellevue Group's strategic flexibility in the pursuit of its forward strategy, a capital increase via rights issue in the amount of CHF 30-40 mn is planned for the second quarter of 2016. The Board of Directors of Bellevue Group will submit a motion to increase authorized share capital at the Annual General Meeting on March 22, 2016.

The founding shareholders support the proposed capital increase and have expressed their intention to exercise a substantial amount of their subscription rights. It is also planned that Peter E. Huber will purchase a stake in Bellevue Group AG. Details regarding the proposed motion of the Board of Directors will be included with the official invitation to the Annual General Meeting.

Consolidated results for fiscal year 2015 will be published on February 29, 2016.


Media Relations:

Jürg Stähelin, IRF Communications,

Telephone +41 43 244 81 51,

Investor Relations:

Daniel Koller, CFO Bellevue Group                                        

Telephone +41 44 267 67 00,

Contact StarCapital:
Holger H. Gachot, Supervisory Board Member, StarCapital AG

Telephone +49 6171 694 19-0,

Bellevue Group

Bellevue Group is an independent Swiss financial boutique listed on the SIX Swiss Exchange. Established in 1993, the company and its approximately 90 employees are specialists in the fields of Brokerage, Corporate Finance and Asset Management. Bellevue Group includes the two subsidiaries Bank am Bellevue and Bellevue Asset Management. The bank boasts superb knowledge of the Swiss stock and bond market and offers independent research opinions and recommendations as well as viable solutions for capital market transactions. Bellevue Asset Management is focused on selected active equity investment strategies in growing markets, in healthcare industries as well as in other special themes such as entrepreneur-led companies.

StarCapital AG

StarCapital was established in 1996 and offers comprehensive wealth management solutions. Assets under management as of December 31, 2015 amount to CHF 2.5 billion. StarCapital's team relies on its many years of experience and its proprietary capital market research to deliver strong investment results. StarCapital fund managers have received numerous awards for outstanding performance. Fund strategies reflect the company's maxim of "Grasp the broader picture, seize the opportunities".

This publication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to U.S. persons (as such term is defined in Regulation S under the Securities Act) absent registration or an exemption from registration under the Securities Act. The issuer of the securities has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of securities in the United States.

This publication constitutes neither an offer to sell nor a solicitation to buy securities of Bellevue Group and it does not constitute a prospectus within the meaning of article 652a and/or 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. The offer will be made solely by means of, and on the basis of, an offering circular and listing prospectus which is to be published. An investment decision regarding the publicly offered securities of Bellevue Group should only be made on the basis of the offering circular and listing prospectus.

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bellevue Group AG via Globenewswire


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Bellevue Group AG
Seestrasse 16; Postfach Küsnacht/Zürich Switzerland

WKN: A0LG3Z;ISIN: CH0028422100;

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