Fortis Fund Services opens new facility in Galway.

Tánaiste Mary Harney announced today (Monday 12^th November 2001) that Fortis Fund Services (Ireland) Limited has established an operation at the Galway Technology Park, Galway City, which is ultimately expected to employ over 50 people. The operation is an extension of Fortis' Funds Administration operations at the International Financial Services Centre (IFSC) in Dublin.

“The Galway operation is being established to provide the company with the capacity to meet future business expansion demands,” said the Tánaiste, who was in Galway to perform the official opening of Fortis' new facility.

“IDA Ireland fully supports Fortis in its decision to establish in Galway. It has been assisting the company to identify suitable premises, to make contact with recruitment agencies to locate suitably qualified staff and in introducing it to the third level colleges, who will work with Fortis in developing courses tailored to its specific needs,” she added.

Fortis' Irish operation, established in 1995, has been highly successful, currently employing 150 people in total at two operations at the IFSC, far exceeding its original employment commitment of 23 people within 4 years under the terms of its original IFSC licences. The Irish operation is part of the Information Bank Division of Fortis Bank.

At the IFSC Fortis' Mutual Funds management and administration services operation provides fund administration, investment accounting and valuations, shareholder dealing and transfer agency, corporate secretarial and compliance services to clients. Fortis Fund Services globally provides administration services to over 850 investment funds with net assets of US$58 billion from offices in six key locations: Bahamas, Cayman Islands, Curaçao, Hong Kong, Ireland and Isle of Man. Fortis' Irish business continues to grow, with over US$9.5 billion of assets under administration and over 150 funds. Fortis' second operation at the IFSC provides custody and trustee services and securities lending. The last number of years have seen strong growth in the fund administration industry in Ireland which now services in excess of 2,900 funds with net assets of approximately €350 billion. Continuing strong growth is forecast over the coming years, particularly in alternative investments or ‘hedge' funds in Europe. Ireland is now recognised as a significant hedge fund administration centre and is increasingly becoming the location of choice, particularly for European hedge fund managers. As a leading service provider to the alternative investment industry Fortis in Ireland is well placed for continued growth.

Notes

Fortis is an international financial services provider active in insurance, banking and investments. With a market capitalisation of approximately EUR 34 billion and 70,000 employees, Fortis ranks among the fifteen largest financial institutions in Europe. In its home market, the Benelux countries, Fortis occupies a leading position and offers a broad range of financial services to individuals, companies and the public sector. Outside its home market, Fortis concentrates on selected market segments.