Italian Azimut Group recorded total net inflows of €775m in July 2018, thereby reaching €3.1bn since the beginning of the year.
Total assets under management stood at €41.6bn, and including assets under administration reached €52.7bn at the end of July.
Sergio Albarelli, Azimut’s CEO, commented: “The month of July closed at €775m in net inflows; the result has been driven by the organic growth of financial advisors network and by the further consolidation of the Group’s foreign operations, confirming the effectiveness of strategic choices and investments made for a long-term sustainable development.”
Pietro Giuliani, Azimut’s chairman, commented: “The monstrous dividend was paid in May, of over 12%, which obviously reduced the share price. It is bizarre to consider the impact of this reduction to justify a ‘sell’ rating on the stock (excusatio non petita): calculated correctly, the performance compared to the FTSE MIB and competitors would be significantly different.”