Fortis Global Equity Exposure Fund said Friday that BNP Paribas has indirectly acquired control of its manager and portfolio advisor.

On May 12, BNP Paribas S.A., through a share contribution by the Federal Participation and Investment Co. (FPIC), an entity wholly owned by the State of Belgium, acquired control of Fortis Bank Belgium, the indirect parent company of Fortis Investment Management Canada Ltd. (FIM Canada), the trustee, manager, portfolio advisor and principal distributor of the fund.

The fund seeks to achieve long-term capital appreciation by obtaining an enhanced exposure to equity markets around the world through the use of derivatives.

Previously, on October 10, 2008, FPIC had acquired 99.9% of the capital and voting rights of Fortis Bank Belgium thereby indirectly acquiring control of FIM Canada.

On May 13, 2009, the shareholders of BNP Paribas approved at a shareholder meeting the final steps of the transaction agreed to among BNP Paribas, FPIC, Fortis Bank Belgium and the Grand Duchy of Luxembourg in March 2009.

FIM Canada is now indirectly owned as to capital and voting rights as to about 72% by BNP Paribas, 23% by FPIC, and 5% by the Grand Duchy of Luxembourg.

The fund had approximately $48.6 million under management as of April 30.

IE