Azimut, an Italian asset manager, through its Brazilian sub-holding, AZ Brasil S.A. and the partners of FuturaInvest Group, have completed the purchase of 50% FuturaInvest financial advisory company and 50% of FuturaInvest asset management company (dedicated to funds of funds and managed accounts). Moreover, subject to the satisfaction of certain conditions precedent and to the approval of the Banco Central do Brasil countersigned by the President of Brazil, the transaction will entail also the acquisition of 50% of FuturaInvest DTVM (Distribuidora de Titulos de Valores Mobiliarios). FuturaInvest DTVM is a regulated financial institution authorized to distribute financial products to local investors.
FuturaInvest, with 35 people and 9 offices around Brazil, is specialized on 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. As at 23rd January 2014 FuturaInvest has more than R$ 240 million of assets under advisory (equivalent to around 74 million euros).
The Brazilian investment industry has R$ 2.4 trillion in AuM as at December 2013 (730 billon euros) representing the 6th largest market in the world.
The transaction involves mainly the subscription of a capital increase (for a countervalue of around 3.9 million euros) to finance the business plan. The partnership also provide for a potential adjustment to the subscription price in connection with the growth of business over the first three years of operations.
Pietro Giuliani, Azimut’s Chairman and CEO, comments: "This is a very important day. From now on we will be able to start implementing our integrated business model in Brazil. FuturaInvest Consultoria, operating in open architecture model, will be our vector to provide high standard financial advisory services to Brazilian investors.”
Capital Strategies Partners has an agreement with AZ Fund Management to distribute its products in Latin America.