The Azimut Group recorded total net inflows of €923m in July 2016, up 160% year-on-year and bringing total net inflows since the beginning of the year to €4.3bn.
The net inflow figure of July benefited from the consolidation of JFS, the latest Australian advisory company entering the AZ NGA perimeter, BRZ Patrimônio, a Brazilian wealth management company, and the first acquisition in Switzerland made by AZ Swiss.
Net of the impact of these acquisitions, the group recorded net inflows in the region of about €300m in July, Azimut said.
Total assets under management (AUM) stood at €33.4bn, and including assets under administration reached €40.5bn.
In July, Azimut continued its product innovation thanks to the launch of two new products within the Luxembourg based umbrella fund AZ Fund 1, Equity Options and Convertible Bond. The former offers equity market exposure mainly through options on stock indices, including sectorial indices, whilst the latter invests mostly in funds specializing in convertible bonds.
Azimut and Aviva launched last month a new product in the multibranch segment called Azimut VIP (Value Insurance Product).
Throughout a unique policy, the underwriter has the freedom to allocate its savings within two insurance product families; on one side unit linked policies with three internal flexible funds managed by Azimut, and on the other with-profit policies with a separate LIFIN management by Aviva.
“We continue focusing, both in Italy and abroad, on our long term growth plan, allowing us to become a real Italian multinational asset management company. In Italy we are very close to completing the reorganization process aimed at having both asset management and distribution under the same company, Azimut Capital Management,” said Pietro Giuliani, Azimut’s chairman and CEO.
“With such an innovative business model, this new structure will enhance the role of the financial advisor thanks to a stronger integration with the asset management team, and this will support our growth even more. The net inflows coming from Italy this month are predominantly thanks to the existing network rather than recruitment, and this is a strong signal,” Giuliani said.