Italy’s Azimut strengthens JV in Turkey
Italy’s asset manager Azimut is stepping up its efforts to tap Turkey’s business potential, and has strengthened its local joint venture with Turkish management firm Global Yatirim Holding.
The Italian firm has increased its holding share in the distribution firm Global Menkul Değerler from 5% to 10%.
Global Menkul will distribute on the local markets the funds branded by AZ Global Portföy, which is 60% owned by Azimut and 40% by Global.
The aim of the deal, still subject to regulatory approval, it to make Azimut a leading player in the local asset management industry, developing an integrated distribution network with the local banking system.
In Turkey, Azimut will launch three product groups: Target, Formula and Trend. They include 6 different investment solutions aiming at generating absolute returns for both retail and istitutional investors.