Italy’s Azimut names new CEO
Sergio Albarelli (pictured) has been appointed CEO of Italian asset manager Azimut Holding.
Albarelli, a veteran of the asset management industry in Italy, matured more than 25 years experience in the sector. After having contributed to the development of Deutsche Asset Management in Italy, in 2000 he joined Franklin Templeton, as head of the Italian office.
He then increased his responsibility to other regions, namely Spain (2005), France (2008) and Benelux (2010). From the initial $350m of assets under management, he brought his regions to reach a peak of $60bn.
Azimut’s Q2 earning results show a 11.3% decrease of consolidated net profit to €47m due to the current volatile environment. Consolidated total revenues went slightly up by 1.7% to €179m during the quarter.
Total managed assets at the end of June 2016 were €32.6bn, and including assets under custody and third parties’ funds reached €39.1bn. Net inflows for the first six months were €3.4bn, also thanks to the consolidation of a number of foreign JVs contributing for €1.3bn, bringing the assets managed outside of Italy to 15% of total.