Fortis expects profits dip
NETHERLANDS/BELGIUM - Dutch/Belgian financial group Fortis has told investors to expect a 7% dip in net profit for 2001, compared to 2000's company high of EUR2,768m.
The firm blamed weak financial markets and badly hit insurance operations for the fall. Last year, Fortis carried out a review of its credit and investment portfolios which confirmed the need for higher...
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CBRE completes ING real estate acquisition
US/NETHERLANDS - CB Richard Ellis (CBRE) has completed the acquisition of ING Real Estate Investment Management (ING REIM) Europe, marking the final stage of CBRE's absorption of ING's real estate business.
Falling coverage ratios will hamper Dutch pension funds' buy-out efforts, warns ABN Amro
NETHERLANDS - ABN Amro predicts half of Dutch company pension funds will shift assets to insured schemes.
Falling interest rates pummel funding ratios at PFZW, ABP
NETHERLANDS - Dropping interest rates knocked the coverage ratio for Pensioenfonds Zorg & Welzijn (PFZW) down to 91% and Stichting Pensioenfonds ABP's down to 90%.
State Street wins Dutch pension custody mandate
NETHERLANDS - Dutch pension fund Stichting Pensioenfonds SABIC Innovative Plastics has appointed State Street Corporation to provide custody and other services for its €700m ($970m) in assets.
APG and TIAA-CREF invest $1.5bn in US malls
NETHERLANDS/US - Dutch pension fund APG and the US pension fund manager TIAA-CREF have joined forces to invest in five US shopping malls valued at $1.5bn.
