Bellevue Group is discussing the sale of its Bank am Bellevue wealth management unit arm with potential buyers.

The Swiss group, which has long tried to build a significant wealth operation in the face of strong headwinds against the traditional Swiss private banking model, admitted that efforts to reposition the bank’s activities lag internal expectations.

“Against this background, Bellevue Group is reviewing various strategic options for Bank am Bellevue,” including a divestment, it said, in a statement.

Bank am Bellevue has about CHF1.8 billion under management. Its asset management business has asset...