Fortis and CIT combine on Russian asset management

12 October 2006

Fortis Investment Management has announced that it is to establish a joint venture with CIT Finance Investment, offering asset management services in Russia for the first time.

The venture, to be called CIT Fortis Investments, will establish offices in both Moscow and St Petersburg, offering Russia-based investment to both Russian and international clients.

Commenting on the deal, executives at the two companies said that Russia was an attractive prospect for the expansion of asset management services.

"Combining Fortis Investments' global investments infrastructure, sales reach and experience gained with its Chinese joint venture, together with CIT Finance's proven Russian expertise and brand recognition means that CIT Fortis Investments will establish itself immediately as a leading Russian asset manager," said Patrick Van de Steen, the managing director of Fortis Investments and vice chairman of the joint venture.

"Through CIT Fortis Investments, we can capture the nascent affluent investor class in Russia as well as develop the potential of Russia and the CIS as a new asset class for international investors."

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