Sergio Albarelli has resigned from his CEO role at Azimut Holding after more than two years leading the Italian asset manager.
According to Azimut's board of directors, Albarelli will be officially leaving the company on the 25 of January for personal reasons.
Following the resignation, the board of directors has co-opted Gabriele Blei as director.
Since Albarelli's role is not expected to be replaced until April next year, the company has announced that for the time being it will strengthen the ordinary and extraordinary powers to the existing components of the board.
Sergio Albarelli, who has held the CEO position since July 2016, has some 25 years' asset management experience. After having contributed to the development of Deutsche Asset Management in Italy, he joined Franklin Templeton in 2000 as head of the firm's Italian unit.
He then increased his responsibility to other regions, namely Spain (2005), France (2008) and Benelux (2010). From the initial $350m in assets the group managed, he brought his regions to reach a peak of $60bn.
Albarelli says: "The journey that has been accomplished in Azimut has been a successful one, with the launch of over 60 new projects focused on renovating internal processes and introducing further new ones.
"From October 2016 up until today, the Group's total assets increased from 42 to 52bn euros, with over €11bn of net inflows of which 7bn coming from abroad. The strong international presence is a consequence of a well-structured initiative, and is the most significant example of the validity of an international growth path launched a few years ago, accomplishing today important goals and reaching more than 25% of the Group's total assets."
Azimutis Italy's leading independent asset manager. Its parent company Azimut Holding was listed on the Italian stock exchange in July 2004 and, among others, is a member of the main Italian index FTSE MIB.