Fortis said its private banking business saw net new money rise by €1.6 billion ($2 billion) in the first quarter of 2005. Total funds under...

Fortis said its private banking business saw net new money rise by €1.6 billion ($2 billion) in the first quarter of 2005. Total funds under management rose by €2.4 billion to €54.7 billion in the first quarter. The bank said in a statement that the strong inflow was due to a number of innovative funds launched during the first quarter, including a new real estate fund, the La Salle Vastgoedfonds, which, according to the bank, sold out within a few days of launch. Also popular was the launch of MeesPierson Intertrust’s carbon management desk, which is designed to help clients with the administration of the European Union’s Emissions Trading Scheme. In the Netherlands, MeesPierson Private Banking and Triodos Bank set up Triodos MeesPierson sustainable investment management, a joint venture for sustainable asset management.