EUROPE - Fortis Investments, a multi-product asset management company, has been awarded an "AM2" asset manager rating by Fitch Ratings.
Fitch highlighted as particular strengths the asset manager’s “focused and stable strategy backed by significant resources” and “tight monitoring of operational risks”.
Developments at Fortis Investments, which is expected to launch its IPO shortly, are being keenly watched by other asset managers and Fitch’s rating is likely to provide a boost to the manager.
Commenting on the rating, Patrick Van de Steen (pictured), global head of marketing at Fortis, said: “This affirmation of our AM2 rating and increased percentage confirms the momentum across the firm and in particular highlights our strong operational qualities.”
First awarded in February 2004, the rating reflects the development of a firm's investment processes, its wide product range and its strong operational control environment.
In April 2005 Fortis Haitong, the asset manager's Shanghai-based Chinese joint venture, was also awarded an “AM2 (Chn)” rating by Fitch, the first national asset manager rating in China. In addition, the Fortis L Fund Bond World 2001 has announced it has reached e1bn assets under management for the first time.
The fund, which was designed to take advantage of a “grandfathering” clause within the directive - that exempts interest income on some bonds from withholding tax requirements, was launched in September 2003,
It then grew quickly in the run-up to the July 1st implementation of the European Union Directive on Taxation of Savings.
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