This week Azimut, Italy’s leading independent asset manager, completed the acquisition of a 70% stake in Notus Portfoy Yonetimi, a Turkish independent asset management company, and an 82.14% stake in Profie, a Mexican holding company controlling the entire equity capital of Más Fondos.
Más Fondos, third party asset management distribution in Mexico
Más Fondos is Mexico’s largest pure independent asset management distribution company. Más Fondos distributes third party products and has assets under custody equal to Ps$ 6.3bn (equivalent to US$ 470mn) as at 30th September 2014.
As announced on June 17, 2014, Más Fondos, founded in 2002 by a group of two Mexican corporations and the current management team with extensive experience in the Mexican financial industry, distributes, throughout 12 local mutual fund houses, over 140 third party funds with a market share of 10% as of September 2014. Currently, Más Fondos has around 20,000 accounts and more than 4,100 active clients, with presence in Mexico City and 4 other major cities in the country.
Azimut, through AZ International Holdings S.A., purchased from its existing shareholders 82.14% of Profie S.A. for around € 6mn while the minority stake will be retained by the managers.
Lastly, Azimut and Más Fondos’ current management team have agreed to cooperate to grow the business in Mexico over the medium-long term and, to this end, to subscribe a capital increase for around € 2mn to finance the business plan. This agreement also provides for call/put option rights that enable Azimut to increase its participation up to 100% of the share capital.
Pietro Giuliani, Chairman and CEO of Azimut Holding, comments that “We are very satisfied with the closing of this transaction that enables us to work with a strong partner in a growing market. The solid distribution model of Más Fondos allows us to increase our presence in Latin America and continue with our international expansion on which we are working on”.
Notus, Turkish independent asset manager
Notus had TL 156mn under management (equivalent to US$ 68mn) as at 30th September 2014. With this transaction, Azimut increases its distribution capabilities in Turkey where it operates through AZ Global Portfoy, which reached a 17% market share as of September 2014 amongst independent players in the asset management industry.
As announced on March 17, 2014, Notus was established in 2011 by 3 partners each with over 25 years of experience in the Turkish and European financial industry. The company manages discretionary portfolio mandates for 45 individual and corporate clients ensuring diversified and efficient asset allocation plans across local and international markets. In addition, Notus is the manager of 2 local mutual funds with balanced strategies focusing on local fixed income and equities.
The transaction entails an acquisition from the founding partners (for a cash consideration of around € 1.5mn including the company’s cash position) and the subscription of a capital increase (for around € 0.8mn) to finance the business plan.
Pietro Giuliani, Chairman and CEO of Azimut Holding, comments: “With this transaction we reach a 21% market share amongst independent asset managers in Turkey, an important result which enables us to focus on both the AZ Global asset management capabilities as well as the Notus distribution competencies, with the objective of becoming the leading player in the independent asset management market”.