Fortis Investments boost overseas expansion efforts

Fortis Investments is to open offices in Russia, India and Korea by the end of next year and is eyeing up opportunities in China.

The Financial Times reports Fortis Investments will continue to increase its strategy of diversifying its client base away from its home markets.

Forbes.com says the group recently announced a life insurance joint venture in India, and that there is a rumoured expansion into China on the cards.

Chief financial officer Gilbert Mittler told a news conference that Fortis Investments will continue to expand its business in China for both the domestic and foreign markets.

Chief executive Jean-Paul Votron told Forbes, "We are looking at opportunities which provide faster than organic growth," including in Malaysia and Thailand. Votron also hinted at Poland as a possible growth market.

Last week the company announced it had increased its first half profits by 85% to 31m, and increased assets under management by 6%.