Azimut Holding, the leading independent asset manager in Italy, has reported inflows of €119m for January, of which €113m comprises managed assets.

This figure is down on last November’s inflows of €124m but up on December’s €117m. The bulk of the January assets (€95m) are in Azimut’s Luxembourg-based AZ Fund and the AZ Fund Multi Asset fund.

In December, the Milan-based group posted overall net asset inflows of €655m, which includes assets of the recently acquired wealth manager Compagnie de Gestion Monegasque. Last May, Azimut acquired a stake of 51% in the Monaco wealth manager. At the time of the acquisition, CGM had assets of €800m. For 2011, Azimut reported net inflows of €980m.

Azimut reported total net inflows of €1.13bn for 2011. The group has total managed assets of €15.2bn and overall assets of €17.2bn, including insurance products.

Pietro Giuliani, president and chief executive of the group, commenting on the January figure, said: “In the context of slowly improving macroeconomic conditions, compared to a few months ago, the financial markets have benefited from a positive start to the year which has boosted the activities of our fund managers and financial advisers.

“We remain convinced that our strategy, which is focused on the integration of production and distribution, can give added value in the medium to long term to our clients and shareholders.”