Italy’s independent asset manager Azimut and Turkish Bosphorus Capital Portfoy Yonetimi have signed an investment and shareholders agreement to start a partnership in Turkey.
According to the deal, which is subject to regulatory approval, Azimut, through AZ International Holdings S.A., will purchase 70% of Bosphorus equity capital for €7.4m.
Bosphorus was established as an independent asset manager in 2011 by four partners with an average 20 years investment experience.
Currently Bosphorus is the largest independent asset management company in Turkey thanks to its consistent and positive track record in excess of the local risk-free rate, its direct funds raising capability and the implementation of a successful distribution model via the banking channel.
Furthermore, 20% of Bosphorus’ AUM are linked to institutional clients, mainly insurance companies. On the product side, the range of 10 managed funds span fixed income, equity and balanced strategies.
As of December 2014, Bosphorus had AUM of some TL1bn (equivalent to €390m), of which almost 70% in Turkish domiciled mutual funds and 30% in discretionary portfolios.
The Turkish asset management industry has €22bn in AUM as of December 2014 (of which more than 90% is invested in short term fixed income strategies) with around 40 asset management companies (of which 29 are independent) registered with the Turkish Capital Market Board.
The commercial and industrial integration of Azimut Portföy, AZ Notus Portföy and Azimut Bosphorus Capital Portföy creates Turkish largest independent player with a diversified product range and a distribution network with both proprietary financial advisors and third party distributors.
Capital Strategies Partners, a third party mutual fund distribution firm, holds the distribution of AZ Fund Management products in Latin America