Azimut has signed an agreement with the Chinese manager Youmy Wealth Management aimed at increasing the presence of the Italian Group across China.
The agreement focuses on the development of a strategic commercial relationship between Youmy and Azimut's Hong Kong subsidiary as well as an incremental equity participation in Youmy shareholding, subject to regulatory approval from local authorities.
Youmy, founded in 2014, is built on an innovative business model based on partnerships with family offices, counting currently on a network of 28 in 15 cities across China.
The Chinese asset and wealth management industries had at the end of 2017 RMB 53.6trn (US$ 8.2trn) in assets under management, of which RMB 22.7trn (US$ 3.4trn) were in private funds.
Pietro Giuliani, chairman of Azimut Holding, said: "As we have said in the past, no global asset manager is truly global without a presence in a market as big and important as China's and with this new investment Azimut reaffirms its commitment in expanding our presence in China and Asia.
"We always look to find like-minded partners and both in terms of the management team's entrepreneurial spirit and business model we see so much in Youmy that resembles the Azimut of 20 years ago".