Innovative move by Fortis Private Banking to respond to rapidly evolving private banking industry
Fortis Private Banking today announced that it has signed an agreement enabling it to provide clients with large-cap equity research from Standard & Poor's Equity Research. This pioneering move underpins Fortis Private Banking's robust international growth and its consequent need for global equity research, and will open up a range of global investment opportunities for clients. It is the first time a private bank in Europe has agreed to offer equity research to its global clients from an independent provider.
This team-up will give the business's private banking and institutional clients access to award-winning equity research on more than 500 US, European and Asian companies. Standard & Poor's Equity Research, the world's leading provider of independent investment research, covers more than 2,000 equities worldwide.
The arrangement will allow Fortis Private Banking's advisers to concentrate on their core competencies of asset allocation and portfolio construction to grow and safeguard client wealth, while offering direct access to Standard & Poor's global network of more than 120 equity analysts located in the world's key financial centres.
Fortis Merchant Banking provides research on and recommendations of European small- and mid-cap equities. Its team of analysts has been honoured for its excellent performance: the research team for small- and mid-caps in the Benelux countries was this year awarded first place in a leading research survey.
With assets under management of EUR 70.5 billion at the end of June 2006 and new wealth markets opening up in Asia and Eastern Europe, Fortis Private Banking's international client base required a global universe of investment options. This is the latest in a series of initiatives by Fortis that has seen it partner with external, specialist providers to harness the best products for its clients.
Aside from its global presence, Fortis Private Banking was attracted by Standard & Poor's reputation for independence, objectivity and analytical excellence. Pim Mol, Member of the Global Management Board of Fortis Private Banking, said: "Standard & Poor's Equity Research has an excellent track record and an unparalleled reputation for objectivity and thoroughness. These are attributes that private investors value more highly than ever before."
Ed Emmer, Executive Managing Director of Standard & Poor's Equity Research, said: "This initiative demonstrates Fortis's commitment to innovation in private banking. It is the type of solution that other private banks may need to adopt as they reassess their business models in light of growing competition and globalisation of the wealth management market."
Fortis is an international provider of banking and insurance services to personal, business and institutional customers. The company delivers a total package of financial products and services through its own high-performance channels and via intermediaries and other partners. Fortis ranks among Europe's top 20 financial institutions, with a market capitalisation of EUR 39.5 billion (31/08/2006). With excellent solvency, a presence in 50 countries and a dedicated, professional workforce of 58,000, Fortis combines global strength with local flexibility. For more information, visit www.fortis.com.
Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 7,500 employees - including wholly-owned affiliates - located in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.
Standard & Poor's Equity Research
As the world's largest producer of independent equity research, over 1,000 institutions license Standard & Poor's research for their investors and advisors, including 19 of the top 20 securities firms, 13 of the top 20 banks, and 11 of the top 20 life insurance companies. Standard & Poor's team of 120 experienced US, European and Asian equity analysts use a fundamental, bottom-up approach to assess a global universe of approximately 2,000 equities across more than 120 industries worldwide. The equity research reports and recommendations provided by Standard & Poor's Equity Research Services are performed separately from any other analytic activity of Standard & Poor's. Standard & Poor's Equity Research Services has no access to non-public information received by other units of Standard & Poor's. Standard & Poor's does not trade on its own account. The analytical and ethical conduct of Standard & Poor's equity analysts is governed by the firm's Research Objectivity Policy, a copy of which may also be found at www.standardandpoors.com or by clicking here.
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