Italy’s independent asset manager Azimut Holding has posted a net profit of €72.9m in the first quarter of 2017, which compares to €20.3m reached over the same time a year ago.
The final net profit for the first quarter of this year shows an improvement compared to the estimates provided on April 4, 2017, where the company gave a guidance on the quarter based on the information available at that time.
The final calculations showed a more favourable revenue trend compared to what was previously announced and expected, especially on certain commission income items which at that time were still being assessed (in particular some figures relating to the foreign operations).
At the same time, certain estimates on the cost side were prudent, and their final calculation showed a better result than what was initially expected.
Total assets at the end of March 2017 reached €45.6bn, including assets under custody and third parties’ funds. Net financial position as of March 31, 2017 was positive for €236.2m, improving compared to the €192.3m at the end of December 2016.
Sergio Albarelli, Azimut’s CEO, said: “We are very pleased to deliver the second best quarter of our history, thanks to a growth on the top line as well as a gradual cost control. This result makes us number 1 in the industry in terms of net profitability, confirming once again the validity of our business model focused on long term growth.
“It also demonstrates how, despite our investments related to the expansion abroad, the group is not only able to grow at a faster pace compared to the industry but also to generate higher profits vis-à-vis competitors. In just 3 months we have exceeded €2bn of net inflows, proving how we are able to grasp and satisfy client needs for a professional wealth advisory.”