Fortis Funds (Nederland) N.V. - BNP Paribas Investment Partners

Fortis Funds (Nederland) N.V. Condensed Interim Report 2009
30 June 2009 UNAUDITED
Half year results in 2009
The Company’s net profit decreased by EUR 11.4 million to EUR 0.2 million compared to the same
period in 2008. The earned management fees dropped significantly as a result of lower assets under
management; EUR 9.5 billion at 30 June 2009 compared to EUR 14.1 billion a year earlier. Although
impacted by a new transfer pricing policy the fee margin improved from 19% (30 June 2008) to 22%
(30 June 2009).
The administrative expenses decreased by EUR 5.2 million to EUR 2.8 million due to effects coming
from the new transfer pricing policy. Given the negative trend in market conditions, financial income
went down from EUR 0.7 million at 30 June 2008 to EUR 0.2 million over the same period last year.
Compliance
The Board of Directors paid significant attention to applicable law and regulations, including the
Financial Supervision Act (Wet op het financieel toezicht (Wft)) and the in 2008 published DUFAS
Principles of Fund Governance. The Company’s Board assured that required amendments, where
necessary, were made in a timely manner, in prospectuses and other public information, internal
procedures, organisation and guidelines, amongst others.
Internal control framework and risk assessment policies
Although the Company is not exposed significantly to financial risks from financial instruments,
market movements may impact financial results as net income from fees is closely related to the
underlying net asset value of the investment funds while administrative expenses are only up to a
certain extend related to movements in net asset value. Furthermore, the performance of the
Company might be affected by a significant loss of clients due to weak performances of our
investments funds, changes in strategy by our distribution partners, inability to deliver the products
our clients need, operational errors and negative sentiment in the market in general.
The Board of Directors of Fortis Funds (Nederland) N.V. is responsible for the daily business, but the
daily operations are outsourced to other Fortis Investments entities and external parties. The Board
has designed policies, procedures and structures as well as reporting lines to monitor outsourced
activities, to control operational activities and to identify risks. The internal control framework has
been designed to achieve the Company goals by effectively evaluating and monitoring risks. Within
this framework Compliance department ensures overall compliance with external regulations and
applicable law. The department of Operational Risk Management assures the accuracy of the internal
control measures and administration descriptions.
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Amsterdam, 28 August 2009
The Board of Directors
J.L. Roebroek (Chairman)
C.A.M. Haas M.C. Van Beusekom M.P. Maagdenberg
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