NETHERLANDS - Raymond Satumalay, formerly investment manager at Bouwfonds Asset Management, is joining Fortis Vastgoed Vermogensbeheer, the real estate division of Fortis Insurance Netherlands, as its managing director of fund management.

Fortis may have seen a huge management change today following the purchase of its remaining assets by BNP Paribas, but in the midst of this week's activity, the company has recruited Satumalay to join the firm from 1 November.

During his time at Bouwfonds Asset Management, Satumalay was responsible for structuring and managing institutional funds and created a communications infrastructure fund.

Prior to this, he was a real estate fund manager at Blue Sky Group - the firm which looks after the pension fund of Dutch airline KLM - as well as spending time at ING Real Estate and SFB.

Satumalay will be responsible for the fund management business line - one of five business lines at Fortis Vastgoed Vermogensbeheer and will be tasked in particular with increasing the management of real estate funds.