Azimut, Italy’s leading independent asset manager, acquired 82.14% of Profie S.A., a Mexican holding company controlling the entire equity capital of Más Fondos, Mexico’s largest pure independent asset management distribution company. At the same time, Azimut signed an investment and shareholders agreement with the current management team of Más Fondos to develop the business in the future. Más Fondos distributes third party funds and has asset under custody equal to around 550 million dollars (as at 31st May 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, operates as a comprehensive distributor of investment funds having agreement with 12 local mutual fund houses and a market share of 10.4% as of May 2014. The company has also developed the leading system for fund analysis in Mexico called ARYES. Currently, Más Fondos has around 22,000 accounts and more than 4,100 active clients, with presence in Mexico City and 4 other major cities employing approximately 65 people, 38 of which in the sales force.
Through this partnership, Azimut and Más Fondos will cooperate to develop an integrated platform centred on a proprietary financial advisors network working in an open-architecture environment to exploit the growth potential of the Mexican market.
Subject to the regulatory approval by the competent authorities, Azimut will purchase from its existing shareholders 82.14% of Profie S.A. for around 6 million euros (8 million dollars).. The minority stake will be retained by the managers.
Lastly, Azimut and Más Fondos’ current management team will cooperate to grow the business in Mexico over the medium-long term and, to this end, have agreed to subscribe a capital increase for around € 2mn to finance the business plan. This agreement also provides for call/put option rights.
Por Elena Santiso
Por Elena Santiso