Go deeper with GlobalData
AZ Swiss & Partners, the Swiss investment unit of Italian asset manager Azimut, has agreed to take over SDB Financial Solutions, a Lugano-based independent asset management firm.
Set up in 2008 by Alfredo Serica, SDB serves private and institutional clients and employs four staff. The firm reported CHF490m in assets under management at the end of May 2017.
The acquisition of SDB will boost AZ Swiss’ total assets under management to CHF2bn.
“The valuation of the company has been based on a multiple of the 2016 pro-forma net profit, which will involve a restructuring process to be completed by the vendors by end 2017,” the companies said in a statement.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataFollowing the completion of the deal, SDB will become a subsidiary of AZ Swiss but will continue to be led by its existing management team.
The deal is expected to be finalised in January 2018, subject to the approval of Swiss financial market FINMA.
Azimut Holding CEO Sergio Albarelli said: “One year ago we announced that our strategy in Switzerland rested on (i) building a local production to manage mutual funds and discretionary portfolios, (ii) creating a distribution arm to advise qualified investors (HNW and institutional clients) and (iii) consolidating independent asset managers and private bankers in Switzerland to grow our independent wealth management platform.
“As it is true for other regions where our Group operates, we are proud to keep our promises and deliver solid growth and improving financials.”
AZ Swiss was set up in 2012 but started operations only in July 2016 after securing a licence from FINMA. The company currently manages 14 UCITS funds, one alternative fund and discretionary portfolios for nearly 90 clients, and employs 19 people.
