Fortis Clearing Americas Hires Gerard Colagrossi and Eli Tullis Jr. to Lead Newly Formed Futures Execution Desk

NEW YORK, Dec. 27 /PRNewswire/ -- Fortis Clearing Americas (USA) LLC, a division of Fortis Merchant Banking, today announced it has hired Gerard Colagrossi and Eli Tullis Jr. as senior vice presidents to jointly lead the firm's newly established 24-hour futures execution desk. Based in Chicago, the team will seek to expand Fortis' current futures business and provide 24-hour execution for its customers. Mr. Colagrossi and Mr. Tullis will report directly to Mark Cermak, Executive Vice President of execution services at Fortis Clearing Americas.

"The addition of Gerard and Eli to our expanding team of futures industry experts positions Fortis well to capitalize on current market opportunities in this space," said Mr. William Floersch, President and Chief Executive Officer of Fortis Clearing Americas. "Their more than 55 years of combined experience in the futures industry will help us to better meet the needs of commodity trading advisors and hedge fund clients as we continue to expand our global footprint and service offering."

A proven innovator in the global futures markets for 25 years, Mr. Colagrossi established the 24-hour execution desk at MF Global (formerly Man Financial) and later managed the execution desk at ABN AMRO and UBS. In each of these positions, he has been responsible for expanding the client base and working with commodity trading advisors (CTAs) and hedge funds by offering value-added services for clients.

Mr. Tullis brings more than 30 years of futures industry expertise, including a sophisticated knowledge of CTAs' business. Beginning his career on the New York Cotton Exchange, he quickly became an independent trading member and, by 1981, founded his own clearing firm. From 1982 to 1988, Mr. Tullis traded for a select client group at the Chicago Mercantile Exchange (CME) and traded his own account on the CME through 2000. He created Tullis Management LLC in 1999 and through this entity, has acted as general manager for several funds.

About Fortis Merchant Banking

Fortis Merchant Banking provides high-value tailor-made services to medium-sized companies, large corporates and institutionals. As a worldwide organisation, we have developed special expertise in cash & treasury management, debt, equity and structured finance, trading & financial risk hedging, financial advisory and structuring. We serve commodity producers, traders and distributors all over the world. We are a world leader in fund administration, global custody, securities lending and clearing services. Thanks to an integrated network, the Business combines the strength of an international group with local expertise and proximity. Dedicated Relationship Managers coordinate all banking facilities and can call on specialists in all fields.

About Fortis Clearing

Fortis Clearing, a division of Fortis Merchant Banking, is one of the largest independent third-party clearers in Europe, Asia/Pacific and the U.S., offering clearing services for the derivatives, equities, bonds, energies and commodities markets. In addition to Chicago, Fortis Clearing has offices in Amsterdam, Brussels, Frankfurt, Paris, London, Hong Kong, Madrid, Singapore and Sydney. Globally, Fortis Clearing has General Clearing Memberships at more than 60 of the world's largest exchanges, including 21 clearing memberships held by Fortis Clearing Americas. The firm also has access to other major exchanges through third-party relationships.

About Fortis

Fortis Merchant and Private Banking is a division of Fortis. Fortis (Euronext: FORA) (Amsterdam: FORA) is a global financial services firm engaged in Merchant and Private Banking, Retail Banking, Asset Management and Insurance in 50 countries around the globe. With a professional workforce of about 60,000, Fortis combines global strength with local flexibility, offering private, business and institutional clients a comprehensive package of products and services. In addition to the company's own network, Fortis reaches clients via intermediaries and other distribution partners.

Fortis is a regional or world leader in niche markets such as shipping, commodities, export and project finance and fund administration. With a market capitalization of EUR 40.3 billion (USD 59.6 billion) as of November 30, 2007, Fortis has expanded into growth markets in Europe, Asia and the United States, building on the roll-out of proven skills and targeted acquisitions in key markets. More information is available at www.fortis.com.

Media Contact: Amy Rosenberg

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