Azimut and FuturaInvest Group sign jv agreement for Brazil
Italy’s independent asset manager Azimut and FuturaInvest Group have signed an investment and shareholders agreement to set up a partnership providing financial advisory services in the Brazilian market.
The transaction will entail the acquisition, through AZ Brasil Holding Ltda, of a 50% stake in a financial advisory company, in an asset management company (dedicated to funds of funds and managed accounts) and, subject to the approval of the Banco Central do Brasil countersigned by the President of Brazil, in FuturaInvest DTVM (Distribuidora de Titulos de Valores Mobiliarios.
The overall transaction value is around R$ 12,5m (equivalent to some €3.9m) mainly paid through a capital increase. The agreement contemplates the possibility of an adjustment to the subscription price in connection with the growth of the business over the first three years of operations.
FuturaInvest, which was founded by six partners with experience in the Brazilian financial industry , counts 35 people providing in 11 offices around Brazil, providing advisory services on asset allocation, fund selection, financial education, as well as asset management services through funds of funds and managed accounts to some 2.500 clients.
As at 30th November 2013 FuturaInvest has around R$225m of assets under advisory (equivalent to around €71m). The Brazilian investment fund industry has R$2.4trn AUM as at July 2013 (€760bn) representing the 6th fund largest market in the world.
Through this partnership, Azimut and FuturaInvest management share the same medium-long term commitment and will cooperate to grow the existing business also by hiring new financial advisors, opening new offices to extend the country coverage and increasing the funds of funds product offering.
Pietro Giuliani (pictured), chairman and CEO of Azimut Holding, said: “After the set-up of the first partnership in the local asset management industry, we are proud to announce the partnership with FuturaInvest Group, a major step to implement our integrated business model in Brazil.
“After almost two years of investigation, we believe that FuturaInvest Group constitutes our ideal partner to provide financial advisory services, sharing our principles and approach, focusing on investors’ needs.”
Adriano Moreno, Felipe Souto, Moacy Veiga, Alexandre Azevedo, Henrique Souza and Daniel Lopes, founding partners of FuturaInvest, added: “We have been working very hard over the last five years in view of this day.
“Our long-term dream has always been to become a player capable of providing outstanding financial advisory services and investment solutions for Brazilian investors. Leveraging on our partner’s proven knowledge and expertise in this business, we will take advantage from an environment in which our offering will provide us with a competitive advantage.”