Last updated: 10:27 / Thursday, 7 August 2014
Italian Investment Management

Azimut Creates a Private Equity Platform Supported by the Acquisition of Futurimpresa

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Azimut Creates a Private Equity Platform Supported by the Acquisition of Futurimpresa
  • Futurimpresa is the investment management company of the Chambers of Commerce of Milan, Bergamo, Brescia and Como
  • Subject to the approval of Bank of Italy, Azimut will own a 55% stake in Futurimpresa
  • The partnership will enable Azimut to increase the contacts with boutiques specialized in "niches" markets, creating a platform dedicated to private equity

Azimut, Italy's leading independent asset manager, signed today an agreement to enter the share capital of Futurimpresa, an investment management company of the Chambers of Commerce of Milan, Bergamo, Brescia and Como.

The acquisition, subject to the approval of Bank of Italy, will be made through a dedicated capital increase for a total expected consideration of €2.5mn. At the end of the transaction, Azimut will own a 55% stake in Futurimpresa.

The transaction is designed to create a partnership aimed at developing entrepreneurial synergies on investments in small and medium enterprises, with the objective to support the promotion and development of the region in which they operate through the creation of a platform to support corporate excellences. Furthermore, Azimut will also integrate in this platform its Antares AZ I fund focused on mini bonds of small and medium enterprises in Italy.

Pietro Giuliani, Azimut's Chairman and CEO, comments: "with this initiative Azimut intends to strengthen itself in the alternative products segment, with the creation of a platform dedicated to private equity. The partnership will enable us to increase the contacts with boutiques specialized in "niches" markets helping them in their growth, and furthermore is an example of cooperation between the public and private worlds which can contribute to the growth of the Sistema Italia. "

Carlo Sangalli, President of the Chamber of Commerce of Milan, comments "with this agreement with the Azimut Group, the Chamber of Commerce of Milan favors the inflows of resources destined to support small and medium enterprises of the region. In particular, we have envisaged in a short period of time to launch a fund investing in mini bonds that represents an important instrument that this partnership puts to the service of the entrepreneurial world, in line with the mission of the Chamber of Commerce".

Paolo De Santis, President of the Chamber of Commerce of Como, comments "I am very satisfied with the agreement signed today, opening new prospects to the initiative launched by the four Chambers of Commerce. I like to highlight how the partnership we have signed will enable our enterprises to have access to new financial instruments to sustain their growth".

Azimut is Italy's leading independent asset manager (active since 1989). The Parent Company Azimut Holding is listed on the Italian stock exchange. The shareholder structure includes over 1,200 managers, employees and financial advisors, bound by a shareholders' agreement that controls ca. 20% of the company. The remaining is free float. The Group comprises various companies active in the sale, management and distribution of financial and insurance products, with Registered Offices in Italy, Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Taiwan, Brazil, Singapore and Turkey.

Overseas main operations are AZ Fund (founded in Luxembourg in 1999), which manages the multi strategy fund AZ FUND1 and AZ Multi Asset, the Irish AZ Life Ltd, which offers life insurance products, and AZ Capital Management Ltd (hedge fund).

Capital Strategies Partners, a third party mutual fund distribution firm, holds the distribution of AZ Fund Management products in Latin America

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