Fortis Investment Management, the Belgo-Dutch fund manager, lost a net €1.1bn ($925m) of institutional mandates in the first three quarters of 2001, helping it towards greatly reduced operating profits of €33m for the nine-month period.

Fortis has not provided comparative figures but its operating profit for the full year 2000 was €90m. The fall comes despite cost reductions that, the firm's accounts said were initiated &quotonce it became clear that revenues would be under pressure&quot. Total operating expenses decreased 3% compared with the corresponding period last year.