EUROPE – Banking and insurance group Fortis has declined to comment on a newspaper report that it is looking for a partner for its Fortis Investments asset management arm.

The London Times, without naming the source of its information, said Fortis has hired Merrill Lynch to find a joint venture partner for the unit.

Fortis spokeswoman Liliane Tackaert declined to comment on this and the suggestion that BNP Paribas and Schroders had expressed an interest. BNP Paribas and Schroders spokespersons also declined to comment. None denied the report.

“Fortis wants to grow Fortis Investments and we’re looking at different options,” Tackaert said. In April Fortis said it was investigating possibilities to grow the asset management business.

“Fortis continues to strongly believe in the asset management business,” said executive committee member Joop Feilzer at the time.

He added: “In view of developments in the asset management industry, we are seriously looking into all possible options to accelerate the future growth of Fortis Investments. In that context a complete sale is excluded.”

In January chief executive Jean-Paul Votron said the group planned “selective acquisitions and partnerships” in Europe in a bid to boost growth. In June this year Fortis said it would US manager Dryden for up to €118m.

Fortis Investments has around €100m under management and had a net operating profit of €87.1m in 2004.

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