Italian asset manager Azimut has signed a joint venture agreement with the partners of FuturaInvest Group to provide financial advisory services in the Brazilian market.
The transaction will entail the acquisition, through AZ Brasil Holding, of a 50% stake in a financial advisory company, in an asset management company (dedicated to funds of funds and managed accounts) and, subject to the approval of the Banco Central do Brasil countersigned by the President of Brazil, in FuturaInvest DTVM (Distribuidora de Titulos de Valores Mobiliarios.
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The transaction value which is around BRL12.5 million (US$5.4 million) will be mainly paid through a capital increase, which will finance the growth envisaged in the business plan.
Furthermore, the agreement contemplates the possibility of an adjustment to the subscription price in connection with the growth of the business over the first three years of operations.
As at 30th November 2013, FuturaInvest had around BRL225 million of assets under advisory, while the Brazilian investment fund industry accounts for BRL2.4 trillion in AUM as at July 2013.
Azimut said that it will work together with FuturaInvest management to grow the existing business also by hiring new financial advisors, opening new offices to extend the country’s coverage and increasing the funds of funds product offering.
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By GlobalDataPietro Giuliani, chairman and CEO of Azimut Holding, said: "After almost two years of investigation, we believe that FuturaInvest Group constitutes our ideal partner to provide financial advisory services, sharing our principles and approach, focusing on investors’ needs, and reminding me of the first group of professionals that more than 20 years ago set the basis to build Azimut distribution network in Italy."
