Azimut, Italy’s leading independent asset manager, has signed a binding sale and purchase agreement to acquire the remaining 40% stake in AZ Global Portföy Yönetimi A.Ş., becoming its exclusive shareholder. In addition, Azimut has agreed to sell its 10% equity stake in Global Menkul Değerler A.Ş. to the majority shareholder of GMD at market price.
On November 7th 2014, AZ Global was the first independent asset management company to be approved by Capital Markets Board to operate under the new regulatory framework enforced starting on July 2014. The new license sets a strong infrastructure for the Turkish asset management industry to deploy growth opportunities both in terms of production and distribution, enabling asset managers to directly establish and market, through proprietary sales force, their own products and services.
The transactions will enable Azimut to develop its plans in Turkey by investing in an integrated financial advisory platform comprised of its first local funds factory and distribution, AZ Global (to be renamed Azimut Portfoy Yonetimi A.S.), and AZ Notus, its discretionary portfolio management partnership.
Subject to the regulatory approval by the competent authorities, Azimut, through AZ International Holdings S.A., will recognise a total consideration (including the sale of GMD shares assuming current market prices) of around € 1.3mn.
Pietro Giuliani, Chairman and CEO of Azimut Holding, comments: “We continue believing in the potential of Turkey and the prospects of the local asset management industry, supported by a team of talented professionals and strong regulatory standards. Since our first JV in 2011, Azimut has developed an integrated platform which has achieved a 21% market share among independent players also thanks to the launch of two UCITS funds managed and advised by our Turkish colleagues. We are grateful to Global for the results we have achieved together and we will continue cooperating in the future.”
Capital Strategies Partners, a third party mutual fund distribution firm, holds the distribution of AZ Fund Management products in Latin America