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."