Fortis Investments, the asset management arm of the Belgo-Dutch financial services group Fortis, has suffered an 8% fall in revenues for the first half of the year compared with the same period of 2002 as institutional clients pulled a number of mandates.

Revenues fell to €105m ($114m) for the first six months of the year, an 8% drop from the same period last year. Net operating profit decreased 15% from 2002 to just €24m.