Fortis And CIT Launch Joint Asset Management Venture CIT Fortis Investments

Fortis Investment Management N.V. and CIT Finance Investment bank, are combining to establish a Russian asset management joint venture called CIT Fortis Investment Management (CIT Fortis Investments). The aim of the joint venture is to offer both Russian and international

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Fortis Investment Management N.V. and CIT Finance Investment bank, are combining to establish a Russian asset management joint venture called CIT Fortis Investment Management (CIT Fortis Investments).

The aim of the joint venture is to offer both Russian and international clients investment management products in Russia and the CIS markets. Through CIT Fortis Investments, the partners will combine their interests and activities in the above-mentioned markets.

AO CIT Finance, a Kazakhstan-based asset management company and subsidiary of CIT Finance Asset Management Company is part of the agreement. Fortis Investments and CIT Finance will own equal shares in the joint venture and will co-manage the company, which will have offices in Moscow and St Petersburg.

Vladimir Kirillov, the CEO, and Vladimir Tsuprov, the CIO of CIT Finance Asset Management Company will remain as CEO and CIO respectively of the joint venture. Christian Fendt, a Director at Eastern Europe, Middle East & Africa (EEMEA), Fortis Investments, will become COO of the joint venture, relocating to St Petersburg.

The joint venture is expected to be completed by the end of 2006. It will initially consist of 55 employees.

“We are delighted to set up this venture with CIT Finance,” says Patrick Van de Steen, the Managing Director of Fortis Investments and Vice-Chairman of the joint venture. “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. 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”.

“We are excited about partnering with Fortis Investments and the opportunities the cooperation offers: increased credibility, team strengthening, a broader product range and innovation across all levels of the investment management process will afford us serious competitive advantages and enable us to deliver added value to clients,” adds Vladimir Kirillov, CEO of CIT Finance Asset Management Company.

The joint venture will focus on introducing international best practice, systems and processes, launching global products for investments in Russia and offering new local and international products to Russian clients.

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