EUROPE - Fortis Investments has increased its profit by 10% compared to last year according to its Q1 2007 results.
The results have shown its net profits after tax came to €29m, up 10% on the same period in 2006 and 7% on Q4 2006.
Net inflows totaled €2.7bn. Fortis said this was driven by a considerable new wholesale retail business across all of the key geographies and at Fortis Haitong, its joint venture in China.
Assets under management (AUM) increased to €125bn, up 3% on year end 2006, and its net commissions and fees came to €97m, 17% higher, year-on-year, and remained stable compared to the previous quarter.
Fund performance at the end of the quarter was 56% and 71% of the funds turned in above-benchmark performances on a 1-year and 3-year horizon respectively.
Fortis Investments CEO Richard Wohanka said: “Our absolute return range proved particularly successful with the three Fortis L Fund Absolute Return Stability, Balanced and Growth funds booking excellent performances in the first quarter, and into April.
"Despite a sharp correction in global equity markets at the end of February, the performance remained relatively stable over the quarter.”
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