Azimut strengthens Asian presence in Tawain
Italy’s independent asset manager Azimut has signed an agreement with Taiwanese An Ping Investment to start a partnership for the distribution of asset management products in Taiwan.
An Ping Investment manages capital of Sinopro Financial Planning Taiwan Limited, a securities investment consulting enterprise with AUM of $52.2m.
Subject to the regulatory approval by Taiwanese authorities, Azimut will buy 51% of An Ping Investment’s capital from its existing shareholders. All shareholders will contribute additional capital into the business plan agreed by both parties, Azimut said.
Sinopro plan’s objectives aims at developing the financial planning business and the master agent business in order to trade both offshore and onshore products in Taiwan to affluent and HNWI clients.
At the end of May, the onshore fund business industry in Taiwan had AUM of $68bn, while almost US$95bn were invested in offshore funds .
Azimut said it will invest around €3m in the plan.
Kai Ping Liu, CEO of Sinopro, said: “I look forward to developing a fruitful partnership and increase the Sinopro&Azimut brand’s awareness in Taiwan.
“The combination of Sinopro’s deep industry knowledge of the financial market and its relationships with local clients and regulators with Azimut’s long-standing experience in distribution and advisory services, will bring to Taiwan a new concept of financial planning as well as innovative and attractive products.”
Pietro Giuliani (pictured), chairman and CEO of Azimut Holding, added: “We continue to invest in setting up a solid distribution and production centre throughout the Asian market with talented partners who share our views and commitment towards the asset management business.
“Being an independent, innovative and integrated player, the joint-venture between Azimut and Sinopro represents a perfect combination to develop a profitable and best-in-class financial planning business in Taiwan.”