Azimut Q1 profit dives on volatility

Italy’s independent asset manager Azimut Holding posted a consolidated net profit of €20.3m in the first quarter of 2016, down 84% year-on-year.

Consolidated total revenues were also down to €133.2m, from €238m in the first quarter of 2015.

Total assets at the end of March, including assets under custody and third parties’ funds, reached €37.4bn, which is 4% down year-on-year.

Azimut net financial position by the end of March was positive for €320.5m, which compares to €336.3m at the end of December 2015.

The AGM approved a total ordinary dividend of ca. €200m (an 80% payout) equivalent to €1.50ps gross of tax (higher than the €0.78ps in 2014), of which €0.50 will be paid on 25 May, and the remaining €1.0ps will be paid within 30 days of the removal of the Azimut Group from the Securities Investment Firms (SIM) register, subordinated to the cancellation by Bank of Italy of the Azimut Group from the SIM register.

Recruitment of financial advisors and private bankers remained positive: in the first quarter of 2016 Azimut and its networks recorded 46 new hires, bringing the total number of FAs to 1604.

“The weakness and high volatility of financial markets in the first few months of 2016 significantly impacted our results, especially for what regards performance fees,” said Pietro Giuliani (pictured), Azimut chairman and CEO.

“The acceleration with April’s net inflows, confirming the quality of our investment tools and advisory services, gives us an important sign of trust for the upcoming months. Also the overseas business remains strategic in the medium-long term horizon, and represents one of the pillars of our future growth,” he said.

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