Fortis Investments has reported an increase in assets under management for the first nine months of 2003. Assets under management at the end of the third quarter this year totalled 77 billion euros Ã¢â¬" up from 70 billion euros at the end of the third quarter 2002.
Developments in structured products, convertibles and China bolstered assets under management in the third quarter. Fortis B Equity 94 product brought in 450 million euros in new assets under management, while the total value of the Convertibles fund rose to just short of one billion euros. The Best Selection China fund made its first closing in August at 409 million euros.
Revenues for the asset management business remained stable for the third quarter at 54 million euros, taking revenues for the first nine months of 2003 to 158 million euros. Net operating profits for the first nine months, however, showed a 5% decrease on the same period last year. Excluding value adjustments on the equity portfolio, net operating profit for the first three quarters was 37 million euros. For the third quarter alone, however, net operating profit increased to 13 million euros Ã¢â¬" up 18% compared to the same period last year.
The Fortis Group as a whole reported net profit for the third quarter of 677 million euros, and net profit for the first nine months of 1.3 billion euros.