GLOBAL - Assets under management (AUM) at increased by 21% to e105bn in 2005, the company has reported.
Fortis said this figure had been boosted by net new cash of e10.9bn, and positive increases in both the number of institutional clients and approved distribution partners. Net operating profit grew 22% to e65m for the year.
In October, Fortis signed a transfer agreement with Westfalenbank of Germany to acquire its e1bn institutional asset management activities.
This was a strategic move, said the firm, which followed the earlier acquisition of a 25.1% stake in Versiko, a Düsseldorf-based asset management and financial distribution company involved with the distribution of unit-linked life and pension products to German retail and institutional clients, and the management of socially responsible investment funds.
Fortis Investments’ LDI solution funds were also approved in 2005 by the Luxembourg authorities.
In the course of 2005 Fortis Investments increased its ownership stake in its Chinese joint venture, Fortis Haitong Investment Management, which was chosen in August as one of the foreign groups selected to manage the country’s new company pension schemes.
In November, the Chinese authorities granted Fortis a new QFII (Qualified Foreign Institutional Investor) quota of US$300m.
Richard Wohanka, CEO of Fortis Investments, said: “In 2006 we plan to grow from this strong platform in three key areas: organically in countries where we already have an established presence, geographically and through new products. We will also look at further strategic acquisitions to strengthen our business.”
By Lisa Haines
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.