Azimut entered into sale and purchase agreement with Sofia Gestione del Patrimonio SGR under Extraordinary Administration and Sofia Partners (Sofia Partners), the latter as main shareholder of Sofia SGR, that provides the acquisition by Azimut SGR of the Sofia SGR’s investment management business’ going concern.
The going concern is mainly active in collective asset management business, individual investment portfolio management, investment management under delegation granted by Italian and foreign investments portfolio services’ providers and investment management companies and financial advisory services.
As a result of the transaction, Azimut SGR will take over the management of four open-end investments funds, instituted, promoted and currently managed by Sofia SGR, and will increase its network with the 47 financial advisors, to which on 31 December 2017 were attributable assets under management of €800m.
At the closing date, Azimut SGR will pay to Sofia SGR an initial purchase price of €3m and, after 24-months, an additional portion of the purchase price to be determined on the basis of the performance of the assets under management transferred to Azimut SGR and their net profitability.
The sale and purchase agreement provides in favour of Azimut SGR several representations and warranties (typical for transactions of such nature) aimed at protecting the purchaser from the risks connected to the activity carried out by the Going Concern until its transfer.
Sergio Albarelli, CEO of Azimut Holding, said: “Through this transaction we strengthen our management capacity and expand our network of financial advisors with professionals capable of dealing with high-profile clients in line with our commitment to customer satisfaction. Moreover, our open and independent platform of wealth management products and services proves to be attractive to asset management boutiques operating in the highest segments”.