Fortis Investment Management (FIM) saw its net operating profit halve to €45m ($39.3m) in the year to December, as a market-driven drop in fees increased the impact of its cost base on revenue.

FIM is owned by Fortis, the Belgo-Dutch financial conglomerate which produced an overall fall in operating profits of 4% to €2.27bn. After taking account of non-recurring items, net profits fell 6% to €2.60bn.