Fortis Bank (Nederland) NV has launched Fortis Prime Fund Solutions, its globally integrated funds services operation.
Based on its experience in offshore fund services, including fund administration, financing of trade positions, clearing transactions, safekeeping of portfolios and covering of short sales, Fortis is offering a 'one stop shop' for all of a fund's administrative, custody and financing needs. Alternatively, clients may select services to be provided by Fortis which are complementary to their existing servicing structure.
Michael J. Scanlon, Managing Director, Marketing and Sales, said: "We are aiming to provide a unique integrated package of services to hedge funds and funds of funds. Such products are unrelated to brokerage and research, thereby enabling Fortis to work as a strategic partner with its clients and to offer unbiased advice and support."
Mr Scanlon added: "We are able to draw on the extensive resources of Fortis Bank (Nederland) N.V., and its global subsidiaries. This enables us to tailor our services to the exact requirements of the client, who can work with a single global bank, that has a solid balance sheet and credit rating, optimises information flows across business activities and has a shared understanding of clients' needs."
Fortis stated: "We also have considerable expertise in working alongside fund lawyers in providing assistance with the establishment and set-up of new funds and structures domiciled in both common law and civil law jurisdictions. Fortis' clients use all types of fund structures, in every time zone, in every jurisdiction, both onshore and offshore."
Through its international banking network, Fortis also offers its clients access to a full range of treasury and banking services (including cash management facilities, currency overlay and ad hoc financial solutions) and global custody including the added-value services of securities lending and equity financing.
Globally, Fortis administers over 1,400 funds with net assets in excess of US$100 billion. Global services provided from key locations: Amsterdam, Cayman, Curaçao, Hong Kong, Ireland, Isle of Man, London and Luxembourg. In addition, it has representative offices in New York and Tokyo.
Background Note: Fortis Bank (Nederland) N.V. is part of Fortis, an international financial services provider active in the fields of insurance, banking and investment. With a market capitalisation of EUR 28 billion (30 June 2002) and around 68,000 employees, Fortis ranks in the top 25 of European financial institutions.
Fortis is listed on the exchanges of Amsterdam, Brussels and Luxembourg and has a sponsored ADR programme in the United States. Fortis Bank (Nederland) N.V. is regulated by The Dutch Central Bank (De Nederlandsche Bank N.V.) and subject to supervision by the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten).