Citibank Belgium SA
unit of New York-based Citigroup Inc., said it will sell mutual
funds managed by 10 U.S., U.K. and Dutch money-management firms
to investors in Belgium through its 240 bank branches.
It marks the first time Belgian investors will be able to
buy funds managed by firms such as Denver-based Janus Capital
, Boston-based MFS Investment Management
Mercury Asset Management
, the company said.
Citibank Belgium, the biggest U.S.-based retail bank in
Belgium, said it reached separate agreements over the past few
months with the 10 fund managers to sell the funds beginning
The Belgian fund market is the ninth biggest in Europe with
total assets of about $120 billion. The market is the second-
fastest growing after Italy, said Guy Hendrix
, a Citibank Belgium
"We believe there is a growing appetite for retail funds in
Belgium and we're responding to customer demand," Hendrix said.
Citibank Belgium is adding 250 funds that it can market
because of the agreements with the 10 outside money managers,
Hendrix said. The bank already sells 60 proprietary funds, he
Citibank plans to initiate similar fund marketing
initiatives in other European countries over the next few years,
The company said the fund managers that Citibank Belgium is
linking with are -- Janus, MFS, Mercury Asset Management, Scudder
Kemper Investments Inc.
, Threadneedle Asset Management
Fleming & Co.
, Goldman Sachs Group Inc.
, Templeton Worldwide
Invesco Asset Management
and Robeco NV
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