Azimut buys into Monaco wealth manager
Azimut Holding, an Italian asset manager based in Milan, has agreed to acquire a 50% stake in Compagnie de Gestion Privée Monegasque (CGM), a Monaco-based wealth manager with €800m of assets under management.
The deal, worth €15m paid in shares, is the first step towards closer collaboration between the two firms. Under the terms of the deal, Azimut will acquire 30% of the stake from CGM and 20% from BSI Monaco, a subsidiary of BSI SA, a Lugano, Switzerland-based private banking group. CGM will retain the remaining 50% of the company. Azimut is acquiring the stake through its Luxembourg subsidiary, AZ International Holdings.
The acquisition is part of a strategy by the Azimut Group to build an international presence. The group has €14.7bn in assets under management, with €16.8bn under administration and managed by third parties.
Discussions over the deal have been ongoing for some time. In January this year, chairman and chief executive Pietro Giuliani had hinted at the deal: “This is the time when we can make an acquisition, not in Italy but in Europe,” he told Reuters, adding the target could be in a country near Italy.