Azimut posts €5.3bn net inflows between January and September
The Azimut Group recorded total net inflows of €310m in October 2015, bringing total net inflows since the beginning of the year to overcome €5.3bn.
The net inflows figures of this month have benefited from the consolidation of FLP, the fourth Australian advisory company entering the AZ NGA perimeter. Net of the impact of this latest JV, the Group still reached total net inflows in the region of €240m in October.
Total assets under management stood at €30.2bn, and including assets under administration reached €35.3bn.
On the overseas front, AZ International Holdings S.A. (“AZIH”) and the minority partners in AZ Notus Portföy Yönetimi A.S., have signed an agreement to anticipate the exercise of the option on the 30% capital owned by AZN partners using the same metrics applied in October 2014.
Subject to regulatory approval by the competent authorities, AZIH will then merge AZN by incorporation in Azimut Portföy Yönetimi, the other product factory of Azimut Group in Turkey. The resulting entity will maintain the name Azimut Portföy Yönetimi with the aim of consolidating further the Azimut brand in Turkey.
On October 22nd, 2014 Azimut had acquired 70% of AZN’s capital to strengthen its discretionary portfolio management services beyond AZP and Azimut Bosphorus product factory capabilities.
The commercial and industrial integration of these three companies has consolidated the largest independent asset management player in Turkey with AUM in excess of TL2.4bn (equivalent to around €770m) with a market share of 5.1% (excluding pension funds).
Pietro Giuliani (pictured), Azimut’s Chairman and CEO, comments: “October figures confirm the growth trend that all of our distribution channels have seen since the beginning of the year, both in Italy and abroad, resulting in a 10-month Net Inflows record of more than €5.3bn.
“We are very satisfied with these numbers that confirm the strength of our business model integrating production and distribution and with the client at the center of attention. We are also satisfied with our international expansion, through which we want to grasp the high potential of emerging markets in the medium-long term and build an Italian project with a strong international vocation that can bring concrete benefits to our clients and financial advisors”.