Updated: Italy’s Azimut targets Turkey with key local partnership

Italian asset manager Azimut has launched a joint venture to operate in Turkey with local firm Global Investment Holdings, which will be operational through a company dubbed Az Global.

The partnesrhip is aimed at offering asset management products tailored to the Turkish market, as well as services in the real estate, transportation and energy sectors.

Az Global will mainly operate from Istanbul, the main financial market of the country, where Global Investment Holding already has 27,000 clients.

According to Pietro Giuliani, chief executive at Azimut, Turkey offers untapped potential for managers, as assets managed by the whole industry stand at just about $28bn and banks are still the main players in the market. 

Az Global, a company owned by Azimut and initially set up in February, will offer six funds to retail clients in Turkey, 90% of which investing in equities.

The company will replicate Azimut’s business model, and will be headed by chief executive Giorgio Meda. Investment products will mainly look at highly liquid assets, and will offer exposure to emerging markets. The launch is expected in 2013.

The aim is to attract €350m assets under management in 4 years, the company said.

Meanwhile, Azimut is considering further investments in other key emerging markets.

According to Giuliani new opportunities can be found in Latin America, and in particular in Brazil, Peru, Colombia and Chile.

The target of the company is to have about 10% of total assets under management coming from foreign countries. The share is currently at 5%.

Photo: Istanbul

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