Fortis and CIT Finance announce Russian asset management venture

Fortis Investment Management and CIT Finance Investment bank have entered into an agreement to establish an asset management joint venture in Russia.

The aim of the joint venture, CIT Fortis Investments, is to offer both Russian and international clients investment management products in Russia and the CIS markets.

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. AO CIT Finance, a Kazakhstan-based asset management company and subsidiary of CIT Finance Asset Management Company is also part of the agreement.

The joint venture is expected to be completed by the end of 2006 and will initially consist of 55 employees, Fortis Investments said.

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, 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, he continued.