Italy-based asset manager Azimut has entered into a binding sale and purchase agreement to buy remaining 40% stake in AZ Global Portfoy Yonetimi A.S. (AZ Global).
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Additionally, Azimut has agreed to sell its 10% equity stake in Global Menkul Degerler A.S. (GMD) to the majority shareholder of GMD at market price.
The deals will allow Azimut to expand its growth plans in Turkey by investing in an integrated financial advisory platform that includes local funds factory and distribution, AZ Global as well as its discretionary portfolio management partnership, AZ Notus.
Subject to the regulatory approval, Azimut, through AZ International Holdings S.A., will recognise a total consideration (including the sale of GMD shares) of around 1.3m.
Last month, asset manager AZ Global has received license from the Capital Markets Board to operate under the new regulatory framework imposed on July 2014.
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By GlobalDataThe license will allow asset managers to directly establish and market, through proprietary sales force, their own products and services.
Azimut Holding chairman and CEO Pietro Giuliani said: "Since our first JV in 2011, Azimut has developed an integrated platform which has achieved a 21% market share among independent players also thanks to the launch of two UCITS funds managed and advised by our Turkish colleagues."
