Italy’s independent asset manager Azimut has completed the acquisition of a 70% stake in Notus Portfoy Yonetimi, a Turkish independent asset management company, with some €54m AUM as of 30th September 2014.
With this transaction, Azimut increases its distribution capabilities in Turkey where it operates through AZ Global Portfoy, which reached a 17% market share as of September 2014 amongst independent players in the asset management industry.
As announced on March 17, 2014, Notus was established in 2011 by 3 partners each with over 25 years of experience in the Turkish and European financial industry.
The company manages discretionary portfolio mandates for 45 individual and corporate clients ensuring diversified and efficient asset allocation plans across local and international markets. In addition, Notus is the manager of two local mutual funds with balanced strategies focusing on local fixed income and equities.
The transaction entails an acquisition from the founding partners (for a cash consideration of around €1.5m including the company’s cash position) and the subscription of a capital increase (for around €0.8m) to finance the business plan.
Naim Koçer, Marc Murat Sağman and Kaan Evren Bolgün, founders of Notus Portfoy comment that: “Notus Partners Naim Koçer, Murat Sağman and Evren Bolgün have created Notus Asset Management three years ago with a vision of becoming the leading independent asset management company in Turkey.
“The completion of the deal with Azimut will enables us to continue performing Asset management through Discretionary Portfolio Management and start working together with a strong ambition to reach this goal. We believe the combination of Azimut’s know-how and Notus’s successful local expertise, Asset Management knowledge, track record, market access & network will constitute a strong proposition to our clients.”
Pietro Giuliani (pictured), Chairman and CEO of Azimut Holding, comments: “With this transaction we reach a 21% market share amongst independent asset managers in Turkey, an important result which enables us to focus on both the AZ Global asset management capabilities as well as the Notus distribution competencies, with the objective of becoming the leading player in the independent asset management market”.