Dutch-Belgian banking and insurance group Fortis has confirmed that it has closed three of its hedge funds due to deteriorating market conditions, reports Friday’s Financielee Dagblad.

The three units concerned were booking poor returns and there was a lack of fresh funds from investors, said Fortis .
A company spokeswoman said media reports that the group had to close the funds because of problems with personnel were ‘exaggerated’.
She added that the first of the three funds had been closed nine months ago, which does not imply a panic reaction.