Italy’s Azimut to acquire 51% stake in Augustum Opus Sim
Italy’s asset manager Azimut has reached an agreement with Augustum Opus Sim, an independent asset management company with AUM above €800m.
Azimut will initially buy a 51% stake in AO, which will increase to 100% in six-year’ time.
Azimut has paid an amount of €10m for the 51% stake, and the price of remaining 49% will be calculated on the basis of the partnership’s profitability.
AO is an asset management company specialised in individual portfolios and OICRs (collective asset management investment tools), which was founded in 2009 by a group of independent portfolio managers with more than twenty years experience in the industry.
AO will continue to manage client relationships and OICRs within the group.
Pietro Giuliani, chairman and CEO of Azimut Holding, said: “Azimut has proved once again to be an attraction pole for talents in the asset management industry, with a strong entrepreneurial attitude.
“The partnership with AO, a high quality group, brings to Azimut further expertise in the management of HNWI products”.
Giuliano Cesareo, president of Augustum Opus, added: “The agreement with Azimut is a great opportunity which enables us to enter a large international group of great success, and will bring developments in terms of products, innovation and expertise.”