Italy’s Azimut has reached an agreement to acquire 80% of New Horizon Capital Management (NHCM), a boutique asset management company based in the Dubai International Financial Center.
At the same time, Azimut has signed a shareholders agreement with the current management and partners of NHCM to develop the business in the UAE and the wider Middle East and Northern Africa (MENA) region.
NHCM, founded in 2013 by two veterans of the Swiss private banking industry, operates a fully-fledged asset management company with a license enabling a full scope of fund and wealth management services including the management of collective investment schemes, discretionary portfolio management and financial advisory.
Subject to the regulatory approvals by the competent authorities, Azimut, through AZ International Holdings, will purchase from its existing shareholders 80% of NHCM while the minority stake will be retained by the managers combined with call/put option rights.
Azimut and the partners of NCHM will cooperate to develop an integrated platform aiming at providing external asset management services, discretionary portfolio management, fund management and expanding the distribution reach for Azimut’s funds in the region.
After completion of the transaction the future entity will operate under the name of AZ New Horizon Ltd.
Serdar Aktasli and Alessandro Palmarella, managing partners of NHCM, comment that “bringing Azimut as a leading asset manager to the UAE will create many new and exciting opportunities in the MENA region. We are looking forward to developing valuables synergies and helping to establish AZ New Horizon Ltd.’s footprint as a provider of a broad range of products. In the coming years our presence in Dubai will become an important hub to the group and will help contribute to Azimut global presence”.
Sergio Albarelli, CEO of Azimut Holding, said: “Today we announce an important step in widening our footprint in the MENA region capitalizing on our experience across developed core markets altogether with that of our partners.
“We will leverage our investments in the neighboring Turkey since 2012 with an integrated management of our operations in the MENA region which also aims at leveraging our track record in innovative areas such Islamic asset management,” Albarelli said.