Italy’s Azimut posts €78m net profit in first half of 2013

Italy’s asset manager Azimut Holding registered €35m cash flow from operating activities and appointed 86 new financial advisers in first half of 2013.

As Azimut’s figures showed, net financial position at the end of June 2013 was positive for € 245.6m, compared to € 146.9m at the end of June 2012.

In the first half of 2013 cash flow from operating activities was ca. €35m, and the company paid around €72m ordinary dividends.

Total AUM at the end of June 2013 reached €21.2bn. Net inflows for the first six months were above € 1.5bn.

Azimut Consulenza, AZ Investimenti and Apogeo have also made 86 new appointments in theit advisory teams, taking the total number of the group’s financial advisers to 1,444.

Pietro Giuliani (pictured), chairman and CEO of Azimut Holding, said: “We are satisfied with the results obtained in the first half of the year, also considering the particularly uncertain context in which they have been achieved.

These results, which are in line with the record first half of last year, reward our business model and demonstrate the validity of the undertaken strategies. In particular in these moths we have seen results from our efforts in focusing on high-end clientele, where the wealth management division recorded inflows of € 500 million in six months, and on the international business, where in Taiwan we have signed an agreement for the creation of a JV focusing on distribution.

As Giuliani also said, Azimut Holding has also recently managed to obtain the qualification and quota as Qualified Foreign Institutional Investor (Qfii) in China.

“We are convinced, while remaining cautious and prudent in light of market scenarios, to be able to continue on this growth path in the coming months too,” Giuliani concluded.

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