LUXEMBOURG – Fortis Investment Management has set up shop in Luxembourg, having taken over the fund of funds asset management activities of Bank Generale du Luxembourg.

The asset management activities of BGL, which is also part of Fortis Bank, were taken over by Fortis Investment Management at the beginning of the year as part of a restructuring.

The move resulted in the transfer of four billion euros in assets under management by BGL to Fortis Investment Management. The investment team now based in Luxembourg comprises around 20 staff from BGL and Fortis IM.

Yves Wagner heads the new office, Fortis Investment Management Luxembourg, which is both a sales office for institutional clients, as well as the investment centre for fund of funds for long only products and hedge fund products.

Albert Mandic, former chief executive officer of 3A SA, the alternative investment company of the SYZ group, will head up the Luxembourg-based team of fund managers and analysts, and be responsible for enhancing the range of funds of hedge funds available to institutional and retail clients.

His title will be head of alternative investments at FIM; he will report to chief investment officer William de Vijlder.

The new office in Luxembourg bolsters Fortis IM’s expansion across Europe. In January the asset manager opened a sales office in Milan, following the opening of offices in Frankfurt and Vienna last year.

Says Fortis: “The Luxembourg market and fund of funds in particular are core to FIM’s strategy. Luxembourg is where some of our main clients and prospects are based, and where our flagship umbrella fund, Fortis L Fund is registered.”

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