LGT wins Fortis PE mandate

The Swiss fund of funds manager has been appointed by Fortis to co-ordinate the firm’s increased exposure to private equity.

LGT Capital Partners, the Swiss based alternative investment manager, has won a mandate from Fortis Bank to establish and manage a portfolio of private equity funds.

Roberto Paganoni, partner at LGT Capital Partners said the investment mandate will mainly be invested in US buyout funds. “Fortis already has substantial private equity expertise, and has made large allocations to the asset class. Our investment mandate will complement the existing allocations.”

A spokesperson for LGT said the Fortis mandate would see the firm making a diversified range of investments on behalf of the bank across 10-15 funds. He added that the Fortis agreement was the second major mandate to be awarded to the company this year.

Fortis is yet to disclose any further details regarding its private equity strategy with LGT and declined to comment on the announcement.

Fortis Bank has a market capitalisation of E37.7bn and ranks among the twenty largest financial institutions in Europe. At year-end 2001 Fortis had total assets of E483bn and its net profit amounted to E2.6bn.