Italy’s independent asset manager Azimut has completed the acquisition of an 82.14% stake in Profie, a Mexican holding company controlling the entire equity capital of Más Fondos, Mexico’s largest pure independent asset management distribution company.
Más Fondos distributes third party products and holds asset under custody equal to Ps$6.3bn (€371m) as of 30 September 2014.
As Azimut previously announced, Más Fondos, founded in 2002 by a group of two Mexican corporations and the current management team with extensive experience in the Mexican financial industry, distributes, throughout 12 local mutual fund houses, over 140 third party funds with a market share of 10% as of September 2014. Currently, Más Fondos has around 20,000 accounts and more than 4,100 active clients, with presence in Mexico City and 4 other major cities in the country.
Azimut, through AZ International Holdings S.A., purchased from its existing shareholders 82.14% of Profie for some €6m while the minority stake will be retained by the managers.
Lastly, Azimut and Más Fondos’ current management team have agreed to cooperate to grow the business in Mexico over the medium-long term and, to this end, to subscribe a capital increase for around €2m to finance the business plan. This agreement also provides for call/put option rights that enable Azimut to increase its participation up to 100% of the share capital.
Álvaro Mancera, Partner and CEO of Más Fondos, comments: “We are very pleased to have reached this agreement with Azimut which will benefit our clients and shareholders. By joining the capabilities of both companies, we will successfully meet the increasing needs of one of the markets with the greatest growth potential nowadays and consolidate Más Fondos as the leading independent mutual fund distributor in Mexico”.
Pietro Giuliani (pictured), Chairman and CEO of Azimut Holding, comments that: “We are very satisfied with the closing of this transaction that enables us to work with a strong partner in a growing market. The solid distribution model of Más Fondos allows us to increase our presence in Latin America and continue with our international expansion on which we are working on”.