Italy’s independent asset manager Azimut Group has registered total net inflows of €730m in November 2015, bringing total net inflows since the beginning of the year to overcome €6bn.
The net inflows figure of this month benefited from the consolidation of Wise Planners, the fifth Australian advisory company entering the AZ NGA perimeter.
Net of the impact of this latest JV, the Group still reached net inflows in the region of €470m in November.
Total assets under management stood at €30.9bn, and including assets under administration reached €36.8bn.
On the overseas front, AZ Brasil Holdings S.A. (AZBH), a Brazilian company (entirely owned by AZ International Holdings S.A.) dedicated to hold strategic participations in the region, has signed agreements to acquire the entire capital of AZ Futurainvest Group (AZF), including the company responsible for the distribution of financial instruments (DTVM) which however is subject to the approval from the Brazilian authorities.
As a result, the cash consideration to the founding partners, which is based on the same metrics applied in February 2014, will be partly recognised once the transaction has been completed and the approval from the local authorities has been attained.
Azimut and some of AZF’s current management team have agreed to continue to work together over the long term and accelerate the distribution efforts under the newly constituted brand Azimut Brasil Wealth Management to cater local affluent and HNW individuals.
The transaction will also be instrumental to implement a broader equity participation plan among existing and new key people based on individual targets and meritocracy, in line with Azimut partnership model.
Pietro Giuliani (pictured), Azimut’s Chairman and CEO, comments: “We are very satisfied with these excellent results, overcoming 6 billion euros net inflows ytd and confirming that in a moment of high volatility and uncertainty in the market, savers are finding answers to their financial needs thanks to our Financial Partners and asset management capabilities.
“In the current market, the correlation between different asset classes is getting stronger, and only thanks to an active and dynamic management style you can control risk and quickly react to changing market conditions.
“We also continue with our international expansion where we consolidated our presence and continue to bring on new clients and assets. Thanks to our growth and to the high-caliber professionals choosing to join our Group, we are aiming to close yet another record year and we are looking with optimism to the first months of 2016.”