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Bellevue Group sells wealth management unit to KBL European Private Bankers

Swiss asset manager Bellevue Group AG agreed to sell wealth management unit Bank am Bellevue AG to Luxembourg-based KBL European Private Bankers SA for an undisclosed amount.

Bellevue Group said its plans to expand Bank am Bellevue's wealth management business "has proven to be difficult in the current environment" — leading to its decision to sell the lender.

KBL's takeover of Bank am Bellevue will include the lender's current staff of 22 and AUM of CHF1.7 billion, but will not affect the bank's asset management and private market business which will continue operations without any changes.

Deal completion is expected by the first quarter of 2020, subject to regulatory approval.

Bellevue Group CEO André Rüegg said the proceeds from the sale and the disposal of the group's SIX stake in July will speed up the group's further development. The group will also work with KBL to jointly explore potential collaboration opportunities in asset management, including the global healthcare sector.