Italian asset manager Azimut has acquired 82.14% of Profie, a Mexican firm controlling the entire equity capital of Más Fondos.
Additionally, Azimut has entered into an investment and shareholders agreement with Más Fondos to expand the business in Mexico.
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The acquisition will enable Azimut and Más Fondos to develop an integrated platform focused on financial advisors network working in an open-architecture environment to develop the Mexican market.
The transaction, which is subject to regulatory approval by the competent authorities, will enable Azimut to acquire stake in Profie for around 6 million through AZ International Holdings S.A.
However, the remaining stake will be retained by the managers.
By the end of this year, Azimut and Más Fondos have agreed to subscribe a capital increase for around 2mn to finance the business plan. This transaction also provides for call/put option rights.
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By GlobalDataÁlvaro Mancera, Partner and CEO of Más Fondos, said: "With the arrival of Azimut to Mexico, Más Fondos will consolidate its presence as the leading mutual fund distributor in the country."
Pietro Giuliani, chairman and CEO of Azimut Holding, said: "The JV with Más Fondos allows us to leverage on a well structured distribution model to increase our footprint in Latin America with an open door to potential opportunities to grow in North America.
"We remain fully committed to further develop our international presence in order to bring Azimut expertise in asset management and distribution to work closely together with local professionals," he added.
Founded in 2002, Más Fondos has around 22,000 accounts and more than 4,100 active clients in Mexico and four other cities employing nearly 65 people.
