Russian investment bank KIT Finance has begun selling shares in 15 Western open investment funds managed by Benelux's Fortis Investments. The move by KIT to offer Fortis funds to domestic clients follows the announcement of a joint venture in asset management between the two groups last year. The bank will earn money on commissions for brokerage services, while providing investors with the opportunity to diversify during the current market volatility. Investors will pay a 3.5 per cent commission to KIT and 1-1.15 per cent to Fortis for management. The minimum investment will be R100,000 (€3,000). Apart from KIT, only Allianz ROSNO Asset Management offers Western shares in Western mutual funds, but with a minimum investment of $10 million. KIT will obtain the shares it sells through its subsidiary Kit Finance Europe, registered in Estonia. Staff at KIT Fortis Investments has doubled to 90 since the alliance was completed in May this year. The venture has raided Russian rival Alfa Capital Partners for talent. Charles Tennes, former chief investment officer at Alfa, has been appointed head of equities, while Alfa portfolio manager Pavel Laberko arrives as head of research. Tatiana Barausova head of sales and marketing, at KIT Fortis, told WealthBriefing the Fortis L Fund Equity Russia had also been launched for international investors looking for exposure to Russian stocks. She said: "The fund invests in the Russian assets and gets spread through sales network of Fortis Investments for institutional and retail customers."