Fortis Investment Management Canada Ltd.

May 15, 2009 16:49 ET

Fortis Global Equity Exposure Fund Announces That BNP Paribas Has Indirectly Acquired Control of its Manager and Portfolio Advisor

TORONTO, CANADA--(Marketwire - May 15, 2009) - THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

On May 12, 2009, BNP Paribas S.A. ("BNP Paribas") through a share contribution by the Federal Participation and Investment Company ("FPIC"), an entity wholly-owned by the State of Belgium, acquired control of Fortis Bank Belgium, the indirect parent company of Fortis Investment Management Canada Ltd. ("FIM Canada"), the trustee, manager, portfolio advisor and principal distributor of the Fund. Previously, on October 10, 2008, FPIC had acquired 99.9% of the capital and voting rights of Fortis Bank Belgium thereby indirectly acquiring control of FIM Canada.

On May 13, 2009, the shareholders of BNP Paribas approved at a shareholder meeting the final steps of the transaction agreed to among BNP Paribas, FPIC, Fortis Bank Belgium and the Grand Duchy of Luxembourg in March 2009. FIM Canada is now indirectly owned as to capital and voting rights as to about 72% by BNP Paribas, 23% by FPIC, and 5% by the Grand Duchy of Luxembourg.

About Fortis Global Equity Exposure Fund

The Fund seeks to achieve long-term capital appreciation by obtaining an enhanced exposure to equity markets around the world through the use of derivatives. The Fund had approximately CAD $48.6 million under management as of April 30, 2009.

Contact Information

  • Fortis Investment Management Canada Ltd.
    Christine Girvan
    647-826-4403