Azimut’s inflows 130% up yoy

Italy’s independent asset manager Azimut posted total net inflows of €666m in January.

Of this, €180m came from its Luxembourg funds AZ Fund 1 and AZ Fund Multi Asset.

January’s sales benefited from the consolidation of RI Toowoomba, the seventh Australian advisory company entering the AZ NGA perimeter, according to Azimut.

Net of the impact of this latest JV, the group still recorded net inflows in the region of €500m in January.

Total assets under management stood at €30.6bn, and including assets under administration reached €36.2bn.

On the international side of the business, AZ International Holdings has completed the purchase of the remaining 45% stake in Athenaeum, an asset management company registered and licensed in Singapore, managing both local mutual funds and discretionary mandates.

This follows the request from the minority shareholder, Athenaeum Holdings (Asia), to anticipate the exercise of the put option, using the same metrics applied in October 2013. AZIH currently owns the entire capital in AZ Athenaeum.

The purchase of the 45% stake in AZ Athenaeum entailed the acquisition from the founding partners for a cash consideration of around € 0.9mn, which will be recognised over the following 12 months.

Azimut and AZ Athenaeum’s current management team agreed to continue working together over the long term to grow the business in Singapore and focus on managing the local products as well as cultivating relationships with family offices and HNWI in the region.

Pietro Giuliani (pictured), Azimut’s Chairman and CEO, comments: “January’s figure shows that 2016 started perfectly in line with how we ended 2015.

“These numbers demonstrate that clients, notwithstanding a particularly volatile and uncertain moment on financial markets, are satisfied with knowledgeable and competent financial planners who can guide them through their choices even in complex situations.”

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