Italy's Azimut International Holdings and Athenaeum, a Singapore independent asset management company, have signed an investment and shareholders agreement to start a partnership in the local market.
Italy’s Azimut International Holdings and Athenaeum, a Singapore independent asset management company, have signed an investment and shareholders agreement to start a partnership in the local market.
Athenaeum, currently owned by three partners, was founded by Madeleine Lee, who has more than 25 years investment management experience, having worked with GIC, Chase, Morgan Grenfell and as Managing
Director and Chief Investment Officer of Commerzbank Asset Management Asia Ltd.
The Singapore asset manager has been advising family offices, endowments, foundations and high net worth individuals since 1999.
Athenaeum’s investment team manages two unit trusts and one managed account applying a fundamental approach and investing in inexpensive earnings growth and dividend stocks in Asia.
The investment objective is to maximise risk‐adjusted total investment returns, Azimut said. Since its launch in June 2008, the flagship fund, Athenaeum Asian Equities fund, has delivered a positive returns of 23% with a volatility at about half of the MSCI ACFE Ex‐Japan index.
Subject to the regulatory approval by the authorities, Azimut, through AZ International Holdings, will purchase 55% of Athenaeum’s corporate capital through a capital increase for a countervalue of around €1.5m, which will be employed to finance the business plan.
The agreement also contains a price adjustment mechanism linked to AUM growth in the following two years.
Madeleine Lee, founder and CEO of Athenaeum, said: “This is an exciting partnership for Athenaeum, which will allow it to take off from its strong and long performance track record and seek new investors together with AZ and its international network.”
Pietro Giuliani (pictured), chairman and CEO of Azimut Holding, added: “With this new JV in Asia we bring onboard new partners with significant expertise and track record in managing Asian equities investment.”