Azimut, Italy’s leading independent asset manager, and FuturaInvest, have signed an investment and shareholders agreement to set up a partnership to provide financial advisory services in the Brazilian market.
FuturaInvest, founded by 6 partners with proven experience in the financial industry with an average tenure of 12 years and a strong track record, counts 35 people and 11 offices around Brazil, providing advisory and asset allocation services via funds selection, financial education, and asset management services through funds of funds and managed accounts to around 2,500 clients.
Subject to the satisfaction of certain conditions precedent, the transaction will entail the acquisition, through AZ Brasil, of a 50% stake in three entities: (i) a financial advisory company, (ii) an asset management company (dedicated to funds of funds and managed accounts) and, (iii) subject to the approval of the Banco Central do Brasil countersigned by the President of Brazil, in FuturaInvest DTVM (Distribuidora de Titulos de Valores Mobiliarios). FuturaInvest DTVM is a regulated financial institution authorized to distribute financial products to local investors (operative since September 2013).
The overall transaction value is around $5.3 millon (R$ 12.5 million) mainly paid via a capital increase, which will finance the growth envisaged in the business plan. Furthermore, the agreement contemplates the possibility of a maximum adjustment to the subscription price in connection with the business development over the first three years of operations. As at 30th November 2013 FuturaInvest has around $97 million.
Azimut and FuturaInvest management share the same medium-long term commitment and will cooperate to grow the existing business also by hiring new financial advisors, opening new offices to extend the country’s coverage and increasing the funds of funds product offering.
Capital Strategies Partners, firma especializada en intermediación de fondos de inversión, tiene un acuerdo con AZ Fund Management para distribuir sus productos en Latinoamérica.